Despite the troubled global economic environment amid the COVID-19 pandemic, the Vietnamese government remains sanguine about the nation’s economic prospects and sets an ambitious growth rate target for this year.
Despite a global economic crisis and likely recession in some of its neighboring countries, Vietnam aims for an economic growth of 5% this year. The ambitious goal was announced by Vietnam’s Prime Minister Nguyen Xuan Phuc during a recent online conference with thousands of foreign and local business representatives.
The ambitious goal is significantly higher than the prediction of the International Monetary Fund (IMF), which announced that it’s expecting Vietnam’s gross domestic product (GDP) to grow 2.7%. Even that prediction puts Vietnam ahead of its neighbors and ensures that the country will continue to be Southeast Asia’s fastest growing economy. The forecast growth rate, however, is in stark contrast with the 7% expansion of 2019.