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Vietnam capable of achieving twin targets: ADB Country Director

Vietnam has sufficient conditions to achieve the twin targets of curbing the COVID-19 pandemic and securing economic growth in 2021, according to Country Director of the Asian Development Bank (ADB) Andrew Jeffries.
Vietnam capable of achieving twin targets: ADB Country Director ảnh 1A view of Cat Lai Port in Ho Chi Minh City (Photo: VNA)
Hanoi (VNA) – Vietnam has sufficientconditions to achieve the twin targets of curbing the COVID-19 pandemic andsecuring economic growth in 2021, according to Country Director of the AsianDevelopment Bank (ADB) Andrew Jeffries.

Talking to the Vietnam News Agency about therecovery capability of Vietnam’s economy amid the fourth wave of COVID-19infections, he expressed his optimism about the country’s economic outlook,given the positive economic statistics recorded in April and May.

In the first five months of 2021, the Vietnameseeconomy continued to post encouraging signs in export, foreign investmentattraction, FDI disbursement, and retail sales.

However, Jeffries also pointed out that riskshave appeared when the pandemic resurged in April while the implementation ofthe COVID-19 vaccination plan has been delayed.

He noted that the ongoing fourth wave ofinfections has affected not only big cities like Hanoi and Ho Chi Minh City butalso industrial parks in Bac Giang and Bac Ninh provinces, which are thelocations of manufacturing activities by many important links in theelectronics supply chain.

To realise the target of becoming anupper-middle-income country by 2030, Vietnam needs to sustain an annualeconomic growth rate of over 7 percent, the ADB official remarked.

The first and foremost condition to obtain suchgrowth is that the private sector in the industry and services sectors mustoperate dynamically, he said, calling for conditions to be created for them toaccess financial, land, and technological sources and enhance corporategovernance skills.

Vietnam capable of achieving twin targets: ADB Country Director ảnh 2ADB Country Director for Vietnam Andrew Jeffries (Photo: VNA)
It is also necessary to rationalise businessprocedures for private firms and prioritise digital transformation, accordingto him.

Jeffries noted that Vietnam’s economic growthand development outlook is closely associated with the capability to curb thespread of the coronavirus.

The successful containment of the pandemic isthe decisive factor in the 2021 growth, he went on, expressing his belief thatthe Vietnamese Government and people will be able to control the pandemicthanks to the important experiences gained from the previous outbreaks.

During the interview, the ADB Country Directorsaid the current wave of COVID-19 infections with new variants has been handledeffectively by the Government and now almost under control. Therefore, Vietnamis completely capable of realising the twin targets of curbing the pandemic andgaining economic growth this year.

However, he also warned that unexpectedoutbreaks could continue to happen and impact part of the workforce, especiallyin industrial parks.

The only way to help push back the pandemic,ensure long-term safety for people, and create conditions for economicdevelopment is to step up COVID-19 vaccination, he added./.
VNA
#COVID-19 #economic growth #Asian Development Bank #ADB #Andrew Jeffries #Vietnamese economy #COVID-19 vaccination #upper-middle-income country #updated Vietnam news #Vietnamplus #Vietnam News Agency
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