Hanoi (VNA) –🥀 Vietnam’s economy this year is forecast to continue facing difficulty, making the goal of a GDP growth rate of 6.5% a challenge that requires joint efforts from the government, the business sector and the public.

Analysts forecast a rocky Q2 as Vietnam’s economy is largely open, exposed to the complicated and unstable political situation in the world. Worse still, the recovery of the global economy is showing signs of a slowdown, while prices of essentials are rising and the danger of inflation is imminent.

Brighter panorama

Nguyen Thi Huong, Director General of the General Statistics Office, revealed that the GDP in the first quarter of this year rose 5.03% over the same period last year, marking a high increase in the first quarters of the years in the 2011-2020 period. As the COVID-19 pandemic continues and the economic and political situations of the world are hard to predict, Vietnam’s socio-economic panorama in the first quarter showed relatively high growth in various fields. The official attributed the growth to the engagement of the whole political system, the timely, close and vigorous management by the government, the Prime Minister, and the efforts of the authorities, the business sector, and the communities throughout the country. In her opinion, 5.03% is a relatively high growth compared to those of countries in the region and the world over. In the market, the supply-demand balance was ensured while the consumption and exports saw an increase. It is noteworthy that an increase was seen in the agriculture, forestry and aquaculture sectors, helping affirm that the structural shift has taken effect and ensured the supply of food and other essentials.

Seven measures to realise growth goal

However, Huong said Vietnam’s economy this year will still face difficulty and this makes the goal of a GDP growth of 6.5% a big challenge that requires joint efforts from the government, firms and people. The official proposed authorities at all levels intensify their forecast, exercise a proactive and flexible management that suits the new situation, and realise the policies in support of the socio-economic recovery and development. She also tabled seven measures to realise the economic growth goal for the whole year as follows. First, to continue to implement the government’s resolution on the effective control of the COVID-19 pandemic along with the other on the support for the economic recovery and development in the 2022-2023 period. All of public investment capital must be disbursed so as to create a push for the economy, she stressed. Secondly, to persist with the maintenance of the macroeconomic stability, control the prices and market, ensure the supply and circulation of the commodities. Thirdly, to push domestic production towards ensuring the supply of the materials inside the country, to accelerate electricity projects. Fourthly, to boost the domestic market, to ensure stable export markets, to build commodity value chains along with logistics infrastructures for agriculture in rural areas, to ensure the domestic market supply chain. Fifthly, to quickly revive the tourism market, to facilitate the travel of both foreign and domestic visitors, to provide suitable support to travel firms in association with the pandemic fight. Sixth, to push administrative reform, to remove bottlenecks and hurdles to the business and production, to accelerate digital transformation of the economy and society, and to create favourable conditions for the business sector. Lastly, to closely follow the weather situation, to proactively build plans against natural calamities so as to limit losses to production and disruptions in the life of the people./.