Minister: Government determined to achieve 3% growth this year

Saturday, 2020-10-03 10:25:43
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Minister and Chairman of the Government Office Mai Tien Dung (C) at the press conference. (Photo: VGP)
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NDO/VNA – The Vietnamese Government resolved to record GDP growth of 2.5-3% this year at its recent monthly meeting, Minister and Chairman of the Government Office Mai Tien Dung told a press conference on October 2.

>>> Better economic signs amidst COVID-19 pandemic: PM

To this end, Dung said Prime Minister Nguyen Xuan Phuc has asked ministries and agencies to build a value chain model for each type of priority product, removing difficulties for projects and propelling growth.

The State Bank of Vietnam was also urged to offer all possible support to boost credit growth.

Highlighting bright spots in the economy in September, Dung said Vietnam has successfully curbed two COVID-19 outbreaks and by now gone 30 days without any community transmissions. The agriculture sector is likely to earn US$41 billion from exports this year. Amid the pandemic, the country still posted a trade surplus of US$17 billion.

Localities recently began the construction of three major works that are part of the eastern section of the North-South Expressway project. Five other works in the public-private partnership model under the project are expected to be launched in October.

Disbursement of public investment capital in September and the first nine months of the year hit records. Total social investment was up 7.4% annually in the third quarter, with State sector investment up an impressive 21.5%.

FDI topped US$21 billion in the first nine months, while the consumer price index rose 3.85%.

On the back of the 2.62% growth in the third quarter, the country could post a solid result this year, which would be a great effort given that other ASEAN member states have posted negative growth, Dung said.

Vietnam will surmount difficulties in Q4

Speaking at the cabinet regular press conference, Deputy Minister of Industry and Trade Do Thang Hai expressed his belief that Vietnam will overcome difficulties in the last three months of this year, creating a premise for 2021.

Hai said under the government’s instruction, ministries and agencies have supported firms in optimising foreign investment opportunities and free trade agreements, seeking solutions to develop markets, and removing barriers to enter new markets.

The Ministry of Industry and Trade has stepped up the information work and oriented export services, while intensifying trade promotion through online forums and transactions amidst COVID-19, he continued.

Deputy Minister of Planning and Investment Tran Quoc Phuong said enterprises have received assistance in credit loans and fiscal policies, along with the direct support from the budget.

Regarding foreign investment attraction, Phuong said Vietnam has been regarded by international investors as an attractive destination with advantages of political stability, macro economy, geographical location, land and human resources.

Since the beginning of this year, the Ministry of Planning and Investment has organised online trade promotion activities with Asian partners like Japan and Singapore, as well as those from Europe, the official said, noting that investors have shown their interest in Vietnam.

Phuong expressed his hope that following the resumption of certain international flights, Vietnam will welcome more many foreign investors at the end of this year, and in 2021.

Relating to the resumption of international flights, Deputy Minister of Transport Nguyen Ngoc Dong said priority will be given to countries and territories where the pandemic is well contained like Japan, the Republic of Korea, Taiwan (China), Laos and Cambodia.