Logo of Phnom Penh Post newspaper Phnom Penh Post - VEPR: Vietnamese economy could grow by 6.3% in 2021

VEPR: Vietnamese economy could grow by 6.3% in 2021

Content image - Phnom Penh Post
The Vietnamese economy could grow by about 6.3 per cent this year. PIXABAY

VEPR: Vietnamese economy could grow by 6.3% in 2021

The Vietnamese economy could grow by about 6-6.3 per cent in 2021, said chief economist Pham The Anh from the Vietnam Institute for Economic and Policy Research (VEPR) during a workshop recently held to announce the Vietnam Quarterly Macro-Economic Report.

VEPR’s report said the global economy has shown signs of recovery thanks to the availability of Covid-19 vaccines, but instability remains while growth is uneven among nations and economies.

In the first quarter, Vietnam’s economic growth hit 4.48 per cent thanks to the government’s drastic actions to control the pandemic from the early stages, along with the signing of the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement.

Additionally, disbursement of public investment capital has been stepped up and progress of key public investment projects accelerated while the wave of investment and trade is shifting to Vietnam, helping maintain a stable macro-economic environment with inflation under control.

However, Anh also warned that Vietnam was facing challenges in an uncertain economic environment. The resurgence of Covid-19 in many countries resulting in lockdown measures is prolonging the disruption of supply chains this year, weakening the resilience of enterprises. Geo-political conflicts among major powers could also expose Vietnam to unexpected risks.

Other risks are related to fiscal imbalance, slow and low investment, a vulnerable financial-banking system, and growth’s heavy reliance on the foreign-invested sector.

VEPR suggested that the top priority should be given to social welfare policies, targeting the right people.

The report also proposed that corporate support policies should be continued with more substantial measures and a greater focus.

Anh said Vietnam should gradually build a fiscal cushion to prevent shocks like Covid-19 or its unexpected developments in coming years.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • Hun Sen: Full country reopening to be decided in two weeks

    Prime Minister Hun Sen has announced that if the Covid-19 situation remains stable for 15 consecutive days from the end of the October 5-7 Pchum Ben public holiday, Cambodia will reopen fully, albeit in the context of Covid-19 whereby people have to adjust their lives to

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the