To date, Vietnam has essentially brought the epidemic under control and introduced various measures to support businesses and restore socio-economic activities.
However, due to its great openness and deep international integration, the Vietnamese economy was faced with numerous difficulties during the first nine months of 2020, with many indicators witnessing their worst figures in years.
In this context, the government has been determined to achieve the dual goal of preventing the virus resurgence and realise socio-economic targets at the possible highest levels.
Experts noted that Vietnam’s positive growth in the first nine months, especially in the second and third quarters, has created the important foundation for the economy to maintain positive growth in all of 2020 and grow faster in 2021.
For the remainder of 2020, Vietnam needs to continue capitalising on the advantages of its success in containing the virus and from the EU-Vietnam Free Trade Agreement while diversifying its economic relations and adding more growth drivers.
It is expected that difficulties will ease in the coming months with reduced tariffs on garment, footwear and rice exports.
In the medium and long run, Vietnam will need further breakthroughs in order to enhance economic self-reliance, accelerate economic reform, develop the private sector, increase productivity, step up innovations and make the most of the opportunities from international integration.
Opinions at the workshop also suggested expanding the scope of relief packages and simplifying procedures to receive such support.