WB: Most of Vietnam's economic indicators in April good
The World Bank in Vietnam has recently announced its updated report on Vietnam Macro Monitoring in May 2021, which states that most of Vietnam's economic indicators in April were good.
Most of Vietnam's economic indicators in April were good: WB report (Photo: VNA)
Hanoi (VNA) - The World Bank in Vietnam has recentlyannounced its updated report on Vietnam Macro Monitoring in May 2021, whichstates that most of Vietnam's economic indicators in April were good.
However, it warns of several risks to the Vietnamese economydue to the most recent outbreak of the COVID-19 pandemic in late April.
According to the report, industrial production continued itsstrong growth momentum last month, increasing by 1.1 percent compared to March,24.1 percent higher than the same period in 2020.
Revenue from retail sales in April also expanded by 2.3percent month-on-month, after two consecutive months of decline. The consumerprice index in April also recorded an increase of 0.5 percent compared toMarch, reflecting a recovery in household consumption.
In terms of exports, a double-digit growth rate was recordedin all major export items, with the fastest increase in the export revenue ofmachinery. This was attributed to the ongoing economic recovery in the US andChina.
According to the WB, although foreign direct investment(FDI) decreased in April, reaching only 2.2 billion USD (53 percent lower thanthe previous month), it was generally stable.
The bank also valued the accelerated progress ofvaccinations against COVID-19 in Vietnam with 506,000 doses administered inApril compared with about 50,000 doses in late March.
However, it warned that Vietnam is experiencing its fourthCOVID-19 outbreak from the end of April 2021, forcing the government to quicklyrespond by closing schools and applying new restrictive measures on travel.This will affect domestic economic activities, especially tourism,transportation and retail.
Therefore, the World Bank recommended that if it isnecessary to maintain or tighten these new restrictive measures on health andtravel, the Government of Vietnam should consider a new fiscal stimuluspackage, including a support package on a larger scale for people and businessesaffected by the pandemic./.
Vietnam will record positive economic growth in 2021, at around 6-7 percent, if the country continue support for vulnerable groups in the economy, as well as the freshly-rolled out vaccination campaign, said Jonathan Ostry, Deputy Director of the Asia and Pacific Department of the International Monetary Fund (IMF).
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Most of Vietnam's economic indicators in April were good: WB report (Photo: VNA) 
