Economy still posts positive growth amidst pandemic

Thursday, 2021-07-22 15:31:44
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Deputies at the 15th NA’s ongoing first session
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NDO – The National Assembly’s Economic Committee has appreciated the efforts and effectiveness of the solutions the Government has been implementing to remove difficulties and support people and businesses affected by the COVID-19 epidemic, as well as recover and develop economic development and social security.

On July 22, at the 15th NA’s ongoing first session, Chairman of the National Assembly’s Economic Committee Vu Hong Thanh presented a summary report on the verification and assessment of the results of the implementation of the socio-economic development plan and the state budget in the first six months of 2021, and the main solutions for the last months of the year.

According to the report, in the first months of 2021, the COVID-19 pandemic continued to develop in a complicated manner. In Vietnam, the fourth COVID-19 wave broke out, the number of infections increased sharply, putting great pressure on quarantine and control work and treatment. Many localities have had to implement social distancing.

In that context, many guidelines, policies and measures have been issued in a timely manner with the primary goal of taking care of and protecting people's health and lives; maintaining and stabilising production and business activities, not letting the supply chain break; stabilising jobs, supporting people, workers and businesses; and ensuring social security and welfare.

The Chairman of the NA Economic Committee said that the Committee agreed with the assessment in the Government’s report, according to which, GDP in the first six months of the year was estimated at 5.64%, and although lower than the proposed target, a positive increase in a difficult context.

Currency and foreign exchange markets and exchange rates were stable, credit has gradually recovered, increasing by 5.68% compared to the end of 2020; lending interest rates have decreased; and the liquidity of the system of credit institutions is guaranteed. Total export and import revenue posted a high growth rate of 32.2%. Foreign direct investment continues to maintain a positive trend; FDI disbursement was estimated at US$9.24 billion, up 6.8% over the same period last year.

Administrative reform and improvements in the business investment environment continue to be promoted. Vietnam is the only country in the world that all three international credit rating agencies simultaneously raised their outlook for to “positive”. Production in agriculture, forestry and fishery has increased quite substantially. Industrial production continued to recover and achieve positive results, processing and manufacturing continued to be the driving force with an increase of 11.42%.

In addition to the results achieved, the NA Economic Committee suggested the Government pay more attention and evaluate a number of issues related to the implementation of support packages to support people, employees and enterprises affected by COVID-19; the disbursement of public investment capital; and the results of the inspection, control and prevention of commercial fraud, origin fraud, speculation and market manipulation.