Vietnam eyes 2.5 pct GDP growth despite pandemic

By Dat Nguyen   September 4, 2020 | 10:16 pm PT
Vietnam eyes 2.5 pct GDP growth despite pandemic
Fishermen carry fish to shore in central Quang Tri Province. Photo by VnExpress/Hoang Tao.
Vietnam targets GDP growth of 2-2.5 percent this year by mitigating the effects of the Covid-19 pandemic on major sectors.

Minister of Planning and Investment Nguyen Chi Dung announced the target at a meeting Friday, saying the country has so far been able to sustain economic growth despite the many challenges brought by the pandemic, which have tipped some economies into recession.

Dung also forecast GDP next year of 6.7 percent.

To sustain growth, the country needs to increase public spending on major infrastructure works, creating more jobs and boosting industrial demand, he said.

It needs to look for new markets, especially for its agriculture produce and especially countries that are facing food security risks, he added.

Vietnam recorded a decade low GDP growth of 1.8 percent in the first half of the year and experts warned that the economy could contract for the first time in decades as the pandemic crippled trade and key sectors such as aviation and tourism.

Prime Minister Nguyen Xuan Phuc had said last month that the country would strive for positive GDP growth by providing support packages to businesses and individuals.

It had been 7.02 percent last year, the second highest rate in a decade only behind the 7.08 percent in 2018.

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