Prime Minister Nguyen Xuan Phuc said on October 2 that the implementation of the dual goal of epidemic prevention and economic recovery has brought about initial encouraging results, therefore creating the prerequisite for the national economy to fully recover by the end of the year. 

Chairing a regular monthly Cabinet meeting for September, Prime Minister
Nguyen Xuan Phuc expects Vietnam will achieve GDP growth of 2-3% this year.

Addressing a regular monthly Cabinet meeting for September, PM Phuc noted that “the situation is getting better and better”, with the national economy showing signs of a gradual recovery, posting an estimated growth of 2.62% during the third quarter of the year.

“This proves our efforts have paid off given the fact that many economies in Southeast Asia have attained negative growth due to the impact of the novel coronavirus pandemic,” said PM Phuc. Indeed, the figures for the year’s third quarter are set to pave the way for the country to achieve positive growth throughout the entirety of the year.

Alongside recording considerable economic growth, the PM also touched upon the major positive economic indicators that have been seen over the previous nine months. They include a record trade surplus of US$17 billion and foreign direct investment of US$21 billion, while inflation has been kept at a relatively low rate.

Furthermore, the Government leader also pointed out that September’s industrial production has enjoyed a gradual recovery, raising hopes of a major leap forward ahead in the year’s fourth quarter. In addition, trade, services, and sales have also picked up, largely as a result of a high consumer purchasing demand.

Whilst the COVID-19 pandemic has taken its toll on all economies globally, including Vietnam, the prolonged nature of the pandemic, coupled with the resurgence of the virus in late July, has forced the Government to come up with a new strategy of epidemic prevention and economic recovery, dubbed a dual goal.

Thanks to the Government’s efforts, the country has successfully brought the disease under control, with no new locally transmitted infections detected over the past 30 days. All economic, business, and tourism services have gradually returned to normal. At present, Vietnam is starting to reopen international commercial flights to destinations that have brought the virus under control.

Despite these positive signs, PM Phuc stated that growth remains low in comparison to the country’s potential, as well as below expectations that were set earlier this year. He therefore asked Cabinet members to examine the current situation and put forward solutions aimed at stimulating the local economy in the last quarter of the year and supporting the realisation of tasks for next year and beyond.

The PM also reminded localities of the possibility of a resurgence of the virus over the winter months and asked them to remain vigilant in all circumstances.