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Source: Socialist Republic of Vietnam

The PM said strong recovery was seen in agriculture, industry, finance, banking, and social welfare, saying it will create a good premise for economic growth in Q4 and the whole year.

As Vietnam’s economy expanded 2.62% in Q3, the nation will definitely enjoy positive economic growth, at least from 2%, for 2020, he stressed.

PM Phuc pointed out the country’s outstanding achievements in the January-September period with a record trade surplus of US$17 billion, and foreign investment standing at US$21 billion.

The economy has recovered quickly after disruptions caused by the coronavirus outbreak, with stable macro-economy, strong securities market, and stable exchange rates, he said.

The PM applauded export activities in the period, with exports surging 4.2% year on year, and disbursement of public capital increasing to the highest rate.

He went on by underlining the role of the State, private and FDI companies, saying they have become the important driver for growth and job generation in the country.

Agriculture was still a major pillar for the economy during this tough time thanks to bumper crops, high farming product prices and good export revenue. This year, taking advantage of the EU-Vietnam Free Trade Agreement (EVFTA), together with the appearance of many processing plants, the sector is striving to export some US$41 billion worth of farm produce.

He also expressed his delight that the Vietnam Manufacturing Purchasing Managers’ Index (PMI) posted 52.2 points in September, as compared to 45.7 points in August, which signals a stronger improvement in the country’s business condition.

However, he said difficulties and challenges remained for tourism, aviation and transportation sector while the current growth still lags behind expectation.

In that context, PM Phuc asked his cabinet members to outline measures pushing economic growth as well as promoting digital transformation in the context of the COVID-19 outbreak.

He ordered increasing resilience in national development, particularly in 2021.

MIL OSI Asia Pacific News