Promoting the “three-legged tripod” position
12:21 | 27/11/2020

VGP – Despite facing many difficulties, Viet Nam’s economic growth is expected to reach 2.8% in 2020 and 6.3% in 2021, with institutional reforms, integration and digital transformation determined as important drivers.

In its Asian Development Outlook (ADO) 2020 Update, the Asian Development Bank (ADB) forecast that Viet Nam’s economy could grow 2.8% in 2020 and is projected to expand 6.3% next year.

Notably, the ADB report assessed that Viet Nam is showing a stronger recovery than most of the other similar economies, with the economy’s medium- and long-term prospects remaining positive. Viet Nam is likely to benefit from the current trade, investment and production trends.

Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that in the gloomy picture of the global economy, Viet Nam still shows positive growth signs, with the “three-legged tripod” of the economy – institutional reforms, integration and digital transformation – having been maintained.

Such success, according to Loc, has been attributed to the great resilience and faith of the people and businesses, in addition to the State’s prompt and inclusive measures.

According to Nguyen Hong Long, Deputy Head of the Steering Committee for Enterprise Innovation and Development, the COVID-19 pandemic has significantly affected businesses, especially private ones.

However, in the context of the disease, the strength of private firms has also been demonstrated. “From now to the end of the year, the export revenue can possibly reach more than US$35 billion, which is a very impressive highlight. Amidst the disease, we have seen private enterprises rapidly move from garment & textile exports to the exports of medical equipment,” he stated.

Despite just more than a month left before the end of 2020, Viet Nam’s maintenance of positive economic growth has been forecasted by domestic organizations and experts.

Viet Nam has succeeded in realizing its dual goal of repelling the pandemic and developing production and business. For economic goals, Viet Nam has met all the three requirements of stability, growth and connectivity.

“Viet Nam’s ranking in terms of the business environment and competitiveness in ASEAN has not changed much, showing that there remains a lot of room for the country to improve. Removing barriers, improving competitiveness of the business climate, and mobilizing social resources will be the biggest drivers of development and the most important measures,” VCCI Chairman Vu Tien Loc underlined.

“Even in the difficult context of COVID-19, the Regional Comprehensive Economic Partnership (RCEP) was still signed, affirming that promoting integration is a driving force for Viet Nam’s growth,” Loc added.

By Vien Nhu

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