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Covid-induced losses in Vietnam exceed VND500 trillion: official

The Saigon Times

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HCMC – Vietnam’s economy has incurred losses of some VND507 trillion over the past two years due to the Covid-19 pandemic, according to Nguyen Thanh Phong, deputy head of the Economic Commission of the Party Central Committee.

Speaking at the Vietnam Economic Forum 2021 held in Hanoi City on December 5, Nguyen Thanh Phong, the former chairman of HCMC, said the economy would have grown by 7% if the pandemic had not broken out. However, the country achieved GDP growth of just 2.95% in 2020 and is forecast to obtain a 2.5% growth rate at best this year.

He added that the local economy encountered losses of some VND160 trillion last year and VND346 trillion this year.

To reduce the losses, the deputy head of the Central Economic Commission said the country needs a comprehensive economic recovery plan, with a focus on the four key drivers of the economy: investment, export, domestic consumption and digital transformation.

According to the official, when tapping the domestic market, the country should focus on producing consumer products instead of importing them. Also, export and foreign investment help build trust among domestic investors.

To create favorable conditions for the growth of domestic consumption and export, it is necessary to launch economic stimulus packages to boost consumption and reduce production costs for enterprises, he said.

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