Pressure from high GDP target in 2021 is expected to help the Vietnamese government to create breakthroughs for growth in subsequent years. While a GDP growth target of 6.5% in 2021, 0.5 percentage points higher than the goal set by the National Assembly, would no doubt put the government under pressure to take actions, but is necessary to create breakthroughs for development in subsequent years. Prime Minister Nguyen Xuan Phuc at Foster Company in VSIP Bac Ninh Industrial Park in May, 2020. Photo: Quang Hieu. "This comes on the fact that 2021 is the first year of Vietnam's five-year socio-economic development plan (2021-25), but also a golden time for the country to take on new opportunities," stated Minister of Planning and Investment Nguyen Chi Dung. In 2021, the world economy continues to face four major challenges, including the complicated Covid-19 situation globally; tech and trade tensions between major powers; geopolitical risks; and volatility of international financial markets. "In this context, a 6% GDP growth target for Vietnam remains ambitious, let alone a 6.5%," economist Tran Dinh Thien said. "However, there are reasons for Vietnam to be optimistic," Mr. Thien noted, saying Vietnam continues to enjoy positive impacts from free trade… Read full this story
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