The Ministry of Planning and Investment reported a stable macro-economy and low inflation in October, with the CPI growing 0.09% both month-on-month and year-on-year, while the 10-month figure was up 3.71% compared to a year earlier.
The country has posted a record trade surplus of US$18.7 billion since the beginning of the year. Agriculture remains a pillar of support for the economy, while the number of newly-established enterprises in October rose 18.4% against September.
PM Phuc said the economy hit its lowest point in the second quarter and has been on a V-shaped recovery since the third quarter. COVID-19 has been largely contained, creating the conditions necessary for economic recovery. Inflation has been kept under control, with the October month-on-month increase being the lowest in five years.
Despite the serious flooding of recent weeks, Vietnam is still likely to achieve growth of 2-3% this year, he said.
He also noted that the International Monetary Fund (IMF), Standard and Chartered, and the World Bank have forecast growth of 1.6, 3, and 2.5-3%, respectively, for Vietnam this year.
The leader still stressed, however, the need to avoid complacency, as the pandemic remains a complex issue around the world. He also mentioned the challenges caused by external factors such as trade tensions and global financial uncertainties, as well as domestic factors like natural disasters and industries being affected by disrupted global supply chains.
Repeating the twin targets of keeping COVID-19 under control and boosting socio-economic development, the PM asked ministries, sectors, and localities to exert every effort to address the consequences of the recent natural disasters in the central region as quickly as possible, strictly manage entry into and exit from Vietnam, create favourable conditions for foreign experts and investors to enter the country, and act faster when new infections are identified.
He called on the entire political system to speed up economic recovery towards growth of 2-3% by fostering the disbursement of public investment, removing bottlenecks facing energy projects, boosting domestic tourism stimulus programmes, and facilitating exports to key markets.
