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Monday, October 18, 2021

Minister predicts GDP growth at 3.5%-4% if pandemic brought under control in Sept

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HCMC – If the Covid-19 pandemic is brought under control this month and the country can return to a new normal in the last quarter of the year, the country’s gross domestic product (GDP) growth this year may reach 3.5%-4%, said Minister of Planning and Investment Nguyen Chi Dung.

At a conference to discuss a socioeconomic development and public investment plan for 2022 on September 14, the minister said the forecast growth rate was lower than the target of 6.5% but it required greater efforts of the State administration and localities.

If GDP grows 3.5%-4% this year, Vietnam will fail to reach the economic growth target for two consecutive years, thus affecting the achievement of the overall target for the 2021-2025 period. Last year, the country’s GDP grew 2.92%, the local media reported.

Minister Dung said social distancing measures had adversely affected production, business and employment. Meanwhile, the fight against the pandemic has been costly. The pandemic has also affected the establishment of new enterprises and the attraction of foreign investment.

Moreover, the consumption of local agricultural products has faced difficulties and the higher prices of cattle feed have impeded the livestock sector.

Minister Dung also warned some localities with high growth rates fueled by foreign investment, such as Bac Ninh, Bac Giang, Haiphong and Quang Ninh, of the risk of overly depending on several large enterprises.

To boost the growth in the rest of this year and next year, Minister Dung urged localities to focus on fighting the pandemic to prevent production and supply chain disruptions.

Localities should also seek to create a favorable investment environment for enterprises and follow new trends for socioeconomic development and public investment plans.

According to Minister Dung, amid the pandemic, the local authorities’ attitude to enterprises is more important than their support.

In addition, localities must ensure social welfare for pandemic-affected laborers, support employers, take the initiative in drawing up plans to help the economy recover and make use of new opportunities and the world’s newest trends to reach growth targets to contribute to the country’s growth.

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