Government strives to achieve annual economic growth of 4%

Despite facing many impacting factors both externally and domestically, the Vietnamese Government is determined to maintain the Consumer Price Index (CPI) at no more than 4% as they strive towards achieving economic growth of 4% for this year.

CPI, Prime Minister, Nguuyen Xuan Phuc, Harvard University, ASEAN expert
Prime Minister Nguyen Xuan Phuc chairs a meeting of the National Steering on Price Management
This came during a speech by Prime Minister Nguyen Xuan Phuc while chairing a meeting of the National SteeringCommittee on Price Management in Hanoi on July 1 in an effort to evaluate the price management for the first half of the year, in addition to discussing a range of measures aimed at fulfilling all set targets for the remainder of the year.

During his statement, PM Phuc stated that the swift control of the novel coronavirus (COVID-19) epidemic created favourable conditions for development. Most notably, many prestigious international organisations have sounded their appreciation for the epidemic prevention and control measures implemented by the country, in addition to its economic recovery.

This can be seen by the renowned Harvard University of the United States recently asking the nation to outline the background and provide details behind their successful experience.

The Government leader quoted an ASEAN expert as saying that in many respects, the country is writing a special story about itself. The nation can be considered a bright spot among emerging economies, with the successful response to the COVID-19 elevating Vietnam to a greater position. In doing so, the nation has utilised the opportunity of a swift recovery and has pushed ahead with its reform schemes.

Featuring great determination to realise the dual goals, PM Phuc reiterated several measures taken by the Government in recent years to stimulate domestic demand, especially with regard to tourism, aviation, and retail services. At present, positive news includes travel service activities returning to normal, with many companies moving to restore a large proportion of their flight routes.

Despite increasingly complicated developments concerning the epidemic globally, the Government is determined to develop and stabilise the macro-economy whilst keeping the epidemic in check.

This effort requires the full participation of all ministries, sectors at all levels, and the people, he stressed, emphasizing that protecting the health of citizens is a great responsibility for both the Government and the Prime Minister.

According to the PM, the first half of this year saw Vietnamese GDP hit a decade record low of 1.81%, although this figure was still the highest level globally.

In an attempt to boost the national economy and exports ahead in the second half of the year, PM Phuc stressed his determination to achieve economic growth of 4%, whilst ensuring social security, reducing unemployment, and controlling CPI at no more than 4%. This marks an important policy that will contribute to stabilising the exchange rate, thereby attracting investment and creating additional jobs for local people.

Additionally, it is imperative to ensure major balances exist in terms of the national economy and food reserves in all circumstances, especially in the context of anticipated abnormal elements caused by natural disasters, such as heavy rain, storms, and floods, PM Phuc added.

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