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Don961: Vietnam’s economic growth accelerated

Wednesday 13th January 2021 Morning: Nafeh Naji

Vietnam is striving to achieve 6.5 percent economic growth in 2021, a goal that will exceed its official target of 6 percent growth, according to a statement made by Prime Minister Nguyen Chuan Phuc during a recent conference with local officials.

The economy has been experiencing flexible growth in this Asian country since 2012 thanks to its attraction of foreign investment, especially in the sectors of agriculture, construction and manufacturing, and it is seeking to take practical measures seeking to increase the added value of manufactured materials, including electronics, as well as efforts to improve public finances by increasing revenues. Tax, controlling current spending, reducing the growth of public debt, and developing infrastructure.

Acceleration of growth

Vietnam’s economic growth accelerated in the fourth quarter of the past year, as exports and manufacturing expanded their recovery from the epidemic decline earlier that year.

Gross domestic product rose 4.48 percent in the fourth quarter compared to the previous year, up from a revised 2.69 percent in the third quarter, the Asian country’s General Statistics Office said, compared with the average estimate of 4.0 percent for the fourth quarter in a Bloomberg survey of 18 economies.

While the economy expanded 2.91 percent for the full year of 2020, compared to the average estimate of 2.8 percent in the Bloomberg survey, the government’s latest full-year growth forecast for 2020 was only 2-3 percent.

“The (Covid-19) pandemic has pushed economic growth this year to its lowest level in the period 2011-2020,” said Nguyen Thi Huong, head of the statistics office, at a press briefing in Hanoi. “But even so, the recovery in manufacturing was the main driver that boosted growth for our country,” he added.   LINK