Six percent growth feasible for 2021

The National Assembly recently passed a resolution on the socio-economic development plan for next year, with the majority of deputies agreeing with economic proposals tabled and the goal of recording GDP growth of about 6%. This is a reasonable growth rate, deputies said, and fully achievable.



The resolution sets out a number of major targets: GDP of 6 percent, GDP per capita of some 3,700 USD, and an average consumer price index of around 4 percent. The GDP target is based on estimated results for 2020, the balance of resources, and forecasts from international organisations. The targets, many economists have said, are quite conservative.

In the context of a world looking at recession, Vietnam will post 2-3% growth this year and its domestic market remains stable and exports are increasing. This is the foundation for growth in 2021.

International organisations in Vietnam have said that 2021 growth is unlikely to rebound strongly from COVID-19, and growth of 5-6.5% is therefore perfectly feasible.

2021 has been of major importance, as it was the year for preparing for the next five-year development plan and the ten-year development strategy (2021-2030). It has also been eventful, with the organisation of the 13th National Party Congress, and elections for the 15th National Assembly and local-level People’s Councils. Efforts to complete the growth target for the year are therefore even more meaningful./.