Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product(GDP) growth is expected to reach 6.25 percent in 2020 if the outbreak of coronavirus disease (COVID-19) is contained within the first quarter of this year, according to the Ministryof Planning and Investment.
At a February 121 mee4ting with Prime Minister Nguyen Xuan Phuc to look atrevised growth scenarios in the wake of the devastating COVID-19, the ministrysaid the figure is 0.55 percentage points lower than the previous goal.
Vietnam might fail to achieve its 6.8 percent GDP growthrate target set earlier this year as the novel coronavirus epidemic continuesto take a heavy toll on the global economy, it said.
In case thedisease is contained in the second quarter, Vietnam’s economic growth this yeargoal will be 5.96 percent, 0.84 percentage points lower than the original.
The ministry cited Professor Warwick McKibbin from the Australian NationalUniversity, who counted losses for the world economy due to the SARS outbreakin 2003 at 40 billion USD and put the damage from COVID-19 at triple orquadruple this number at 120-160 billion USD.
It also said Vietnam would suffer “significant impacts” due to its openeconomy, long border and busy trade with China, which have alreadymanifested through the plummeting number of tourists, disrupted supply chain,and backlogs of Vietnamese agricultural produce at Chinese bordercheckpoints.
Speaking at the meeting, PM Phuc said the Government’s best efforts to combatthe disease have been paying off and the outbreak is still “undercontrol".
“However, we can’t merely focus on fighting the disease, while neglecting otherduties like ensuring national security and defence or social welfare,” theGovernment leader said.
Amid the unpredictable developments surrounding the outbreak, if Vietnam is tocontinue to act as normal, the country’s growth will certainly suffer, PMPhuc said, asking for a “higher degree of efforts, more detailed and timelymeasures that can cope with the situation".
He said that there's no reason to revise growth target at the moment, askingthe Ministry of Planning and Investment to draw up plans to keep the rate at6.8 percent, especially the growth for the second half of 2020.
He stressed that there are fights that should be waged on both fronts – againstthe COVID-19 and the “virus of stagnancy", meaning using the diseaseas an excuse for inactivity, which could undermine efforts to overcome theworst impacts of the disease.
Factories,supermarkets, tourist sites and national relic sites must still operate asnormally, PM Phuc ordered.
The Government leader said measures must be found to resolve difficulties inall sectors from commerce to tourism or import-export activities, underliningthe need for more robust restructuring of the economy and considering optionssuch as stimulus packages, accelerating disbursement and lowering interestrates and fees.
Necessities like electricity, health, education and other public services willnot be subject to any price increase for the moment, PM Phuc said.
Prioritising domestic market and expanding exports and imports to otherinternational markets will also be high on this year's agenda, the leader said./.
At a February 121 mee4ting with Prime Minister Nguyen Xuan Phuc to look atrevised growth scenarios in the wake of the devastating COVID-19, the ministrysaid the figure is 0.55 percentage points lower than the previous goal.
Vietnam might fail to achieve its 6.8 percent GDP growthrate target set earlier this year as the novel coronavirus epidemic continuesto take a heavy toll on the global economy, it said.
In case thedisease is contained in the second quarter, Vietnam’s economic growth this yeargoal will be 5.96 percent, 0.84 percentage points lower than the original.
The ministry cited Professor Warwick McKibbin from the Australian NationalUniversity, who counted losses for the world economy due to the SARS outbreakin 2003 at 40 billion USD and put the damage from COVID-19 at triple orquadruple this number at 120-160 billion USD.
It also said Vietnam would suffer “significant impacts” due to its openeconomy, long border and busy trade with China, which have alreadymanifested through the plummeting number of tourists, disrupted supply chain,and backlogs of Vietnamese agricultural produce at Chinese bordercheckpoints.
Speaking at the meeting, PM Phuc said the Government’s best efforts to combatthe disease have been paying off and the outbreak is still “undercontrol".
“However, we can’t merely focus on fighting the disease, while neglecting otherduties like ensuring national security and defence or social welfare,” theGovernment leader said.
Amid the unpredictable developments surrounding the outbreak, if Vietnam is tocontinue to act as normal, the country’s growth will certainly suffer, PMPhuc said, asking for a “higher degree of efforts, more detailed and timelymeasures that can cope with the situation".
He said that there's no reason to revise growth target at the moment, askingthe Ministry of Planning and Investment to draw up plans to keep the rate at6.8 percent, especially the growth for the second half of 2020.
He stressed that there are fights that should be waged on both fronts – againstthe COVID-19 and the “virus of stagnancy", meaning using the diseaseas an excuse for inactivity, which could undermine efforts to overcome theworst impacts of the disease.
Factories,supermarkets, tourist sites and national relic sites must still operate asnormally, PM Phuc ordered.
The Government leader said measures must be found to resolve difficulties inall sectors from commerce to tourism or import-export activities, underliningthe need for more robust restructuring of the economy and considering optionssuch as stimulus packages, accelerating disbursement and lowering interestrates and fees.
Necessities like electricity, health, education and other public services willnot be subject to any price increase for the moment, PM Phuc said.
Prioritising domestic market and expanding exports and imports to otherinternational markets will also be high on this year's agenda, the leader said./.
VNA
