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Vietnam considers 3 percent economic growth realistic this year

Christian Fernsby |
Vietnamese Prime Minister Nguyen Xuan Phuc considered realistic this year's growth target of between 2.5 and 3 percent of the country's economy.

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Topics: VIETNAM   

In his usual meeting early this month with the cabinet, Xuan Phuc pointed out that the country shows its resilience capacity by keeping the main macroeconomic indicators stable in the face of the Covid-19 pandemic and despite the several typhoons and storms that recently ravaged the central region.

Among the most relevant results in the first 11 months of the year, he cited exports for more than 254 billion dollars and the reaching of a record surplus of 20.1 billion.

Also, the entry of a significant amount of foreign investment and the founding of a large number of companies, in both cases less than in the same period last year, but high given the circumstances.

Other activities and indicators with positive performance were the industrial production rates and consumer prices, the execution of public investments, services, and wholesale and retail sales.

Xuan Phuc noted that the growth goal of the national economy for 2020 coincides with the forecasts of numerous international organizations, according to which the country's GDP will expand from 2.5 to 2.8 percent.

According to a recent Standard Chartered study, the Vietnamese economy will most likely be one of the few to grow this year in Southeast Asia, if not the only one. The British bank estimated the increase in GDP in 2020 at 3 percent and at 7.8 percent in 2021.