Vietnam’s GDP to grow 2-3 percent this year: former GSO director

Vietnam’s GDP growth this year can reach 2 – 3 percent, according to former director of the General Statistics Office (GSO) Nguyen Bich Lam.
Vietnam’s GDP to grow 2-3 percent this year: former GSO director ảnh 1Illustrative photo. (Source: VNA)


Hanoi (VNA)
– Vietnam’s GDP growth this year can reach 2 – 3 percent, according to former director of the General Statistics Office (GSO) Nguyen Bich Lam.

His forecast is similar to the Ministry of Planning and Investment’s estimate submitted to the government in August and close to the Asian Development Bank (ADB)’s forecast of 1.8 percent earlier this month.

The estimate was based on business and production performances in August and the first eight months of 2020 in the light of the Vietnamese government’s success in containing the spread of COVID-19 as well as extra efforts to disburse public investment and develop a better business climate for investors in the final quarter of the year and years to come, Lam said.

Additionally, Vietnam expects to reap benefits from free trade agreements (FTAs), particularly the EU-Vietnam FTA (EVFTA) which is thought to boost growth of the agriculture, fisheries and industry, he added.

“The government and localities have lifted social distancing rules and restored domestic and international flights,” he continued. “The government has been urgently implementing support packages for affected businesses and people to help them ease difficulties and stimulate domestic demand.”

The labour transition from the formal to informal sectors during such a difficult period has helped Vietnam avoid a negative growth like many other countries, he explained.

He further noted that China’s conomic recovery was also a factor in the positive forecast because of the close trade relations between Vietnam and the world’s second largest economy. China remains one of Vietnam’s largest importers and exporters of materials and goods, so its positive GDP growth will provide a major impetus for Vietnam’s economy, he added.

The ADB forecast Vietnam’s economy to expand 1.8 percent in 2020 amid the coronavirus and bounce back to 6.3 percent next year in its recent report.

According to statistics from the Ministry of Planning and Investment, Vietnam continued to maintain a stable macroeconomy with the August Consumer Price Index (CPI) rising 0.07 percent, 0.12 percent lower than the index at the end of 2019 that was the lowest between 2016 and 2020.

Disbursement of public investment surged 45.4 percent in August and 30.4 percent in the first eight months of the year, the highest during the period.

Foreign trade totalled more than 337 billion USD from January to August, up 0.03 percent from a year earlier. Exports exceeded 174 billion USD, a year-on-year increase of 1.6 percent, allowing Vietnam to enjoy over 11.9 billion USD in trade surplus.

Agriculture was forecast to pick up about 2.6 – 2.7 percent this year./.

VNA

See more

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.

A high-tech corn, sorghum and grass farm in Nghe An province (Photo: VNA)

Realising circular economy to achieve sustainable development goals

Developing a circular economy has been recognised as one of the priority directions to achieve overarching goals such as waste management, efficient resources utilisation, environmental protection, disaster prevention, and climate change adaptation in the country's next development phase.