Macroeconomic stability, business resilience, and the promotion of purchasing power within the domestic market are set to be crucial growth drivers for local firms throughout the coming year, according to economic insiders. 

Nguyen Xuan Thanh, a member of the Prime Minister’s  Economic Advisory Group, says that despite the global economic downturn caused by the COVID-19 pandemic exerting a significant impact on the country, domestic macroeconomic stability has been successfully maintained.

Thanh notes that priority should be given to stabilising the macroeconomy, maintaining low interest rates, boosting infrastructure investment, whil actively negotiating with major trading partners as the country is imposing international travel restrictions.

Furthermore, a number of uncertainties also lie ahead in 2021, including economic turmoil, disruptions occurring in global supply chains due to the impact of the COVID-19 pandemic, the flaring up of international trade tensions, and the increasing debt pressure.

Nguyen Bich Lam, former general director of the General Statistics Office, says that the disruption in supply chains will pose risks to economies, including Vietnam - an open economy that that relies on exports and material imports .

The trade tension between the United States and China also represents one of the factors that hinders Vietnamese economic growth ahead in 2021, according to Lam, adding that the greater purchasing power from the domestic market could serve as a growth engine for the national economy.

Concurring with this viewpoint, Dang Hoang Hai Anh, a senior economist of the World Bank in the US, reveals that several countries globally have attached importance to the domestic purchasing power, a factor which significantly contributes to the economic growth rate.

Anh also stresses that the Government and local businesses should come together to jointly devise solutions aimed at accelerating the development of the private sector whilst promoting domestic consumption in the future.

Providing that macroeconomic stability is a key factor for the country’s economic recovery in 2021, the resilience of firms can be considered the most important factor in helping Vietnam to maintain a positive growth, boost exports throughout the year, successfully contain the COVID-19 epidemic, according to industry experts.