Experts outline Vietnam’s growth prospects for next five years

Deputy Director of the National Centre for Socio-Economic Information and Forecast Dang Duc Anh said Vietnam’s economic growth is highly likely to return to a high level in 2021.

In one scenario where the global economy recovers and the Covid-19 pandemic is gradually contained, Vietnam’s economic growth is projected to reach 6.17% with inflation at 3.8%.

In a more optimistic scenario where global recovery is faster than expected, Vietnam can achieve growth of 6.72% and it is estimated inflation would be at 4.2%. Investment, production and business activities are expected to return to normal this year.

In addition, if Vietnam can take advantage of free trade agreements, domestic investment flows and economic activities will quickly rebound.

At the workshop, experts suggested that Vietnam should control the coronavirus situation effectively and minimise any losses caused by the pandemic, while continuing to implement economic support and social security measures.

They also called for the early rollout of economic stimulus packages, rather than only support measures.

In the short term, it is necessary to bolster the implementation of public investment projects and capitalise on the opportunities arising from free trade agreements in order to expand exports and reshape supply chains.

According to experts, the government should focus on developing the domestic market, boosting the demand in sectors such as tourism and retail, as well as stepping up reforms in tourism, logistics, digital transformation and e-commerce.

(NDO)