Reform can help Vietnam’s economy grow 6.76% during 2021-2023

The Vietnamese economy is expected to grow by 6.76% on average during the 2021-2023 period if the country can achieve breakthroughs in institutional reform, according to the Central Institute of Economic Management (CIEM).

Reform can help Vietnam’s economy grow 6.76% during 2021-2023

At a workshop held on April 22, CIEM Director Tran Thi Hong Minh stated that the economic recovery process should go in tandem with economic institutional reform.

She recommended that Vietnam should continue taking measures to prevent the spread of Covid-19 in 2021 while removing the difficulties facing enterprises, in alignment with economic reform.

In 2022 Vietnam needs to combine recovery measures with institutional reform, and in 2023 the country should gradually withdraw growth support measures and focus on institutional reform.

According to Minh, breakthroughs in institutional reform will lead to improved growth quality and productivity so that Vietnam can achieve rapid and more sustainable recovery, even when the global situation remains uncertain.

The Vietnamese economy grew by 2.91% in 2020 and recovered to 4.48% in the first quarter of 2021.

With such performance, most international organisations have remained upbeat about Vietnam’s economic outlook, which appears better than most economies in the world and East Asia.