Post sponsored by

Source: Socialist Republic of Vietnam

Addressing an online conference between the Government and localities on December 28, PM Phuc said that Vietnam has to date fulfilled its twin targets of preventing and controlling the pandemic and maintaining economic growth.

“Looking back on the past five years, our country is better than ever with a high growth rate, everyone has benefited from developmental achievements, and trust has been consolidated. We have also assumed many important roles in the international and regional arenas and successfully organised numerous important international events,” he stressed.

He went on to say that the Party and State have pushed forward Party building and corruption prevention work, so that people’s confidence in the Party and the nation’s future has continued to be consolidated.

Thanks to the determination of the entire political system as well as the consensus of people and businesses, the country has created more than US$ 1.2 trillion of GDP in the past nearly five years, supported by a stable macro-economic foundation.

The Government leader quoted statistics from the World Bank as saying that, with an average annual economic growth of 6.8% during 2016-2019, Vietnam was in the top 10 countries with the highest growth.

He also noted that development has become more inclusive, with the impressive performance of many localities contributing greatly to national growth. National economic growth now does not depend on any single economic sector, while the private sector has gradually affirmed its position as an important driver of the country.

The State budget collection has seen impressive results, while spending is tighter and more effective, he said.

Along with economic growth, the country also recorded rapid social progress, with more than 8 million jobs created and people’s incomes and living conditions improved.

Regarding 2021 targets, including a GDP growth rate of around 6%, the Government leader said that the targets have been calculated based on many factors.

However, the Government leader pointed to several shortcomings and difficulties. Economic growth may fail to meet its potential, while the continuous employment of a part of the population, particularly in rural areas, has not been ensured. The average income level is low and unstable due to the impacts of COVID-19.

He noted that not all localities can find appropriate drivers for their growth, particularly those in mountainous and remote areas. The business sector, particularly private enterprises and small-and medium-sized enterprises, still face many difficulties and have low competitive capacity. Many bottlenecks remain in the national economy such as infrastructure, human resource quality, legal and institutional reform and the business environment.

At the same time, the quality of education, health and social policies remains lower than expectations, and environmental pollution and the negative impacts of climate change are becoming clearer.

He stressed that Vietnam may not yet be in the world’s leading countries in terms of income, but it can still be the leader in several fields.

“We can do better,” he said, expressing his belief that with the fine quality of the nation, Vietnam will advance forward even more quickly in the near future.

MIL OSI Asia Pacific News