Vietnam’s success in Covid-19 control and economic growth


An online conference between Vietnamese Government and localities chaired by Prime Minister (PM) Nguyen Xuan Phuc on the implementation of the 14th National Assembly’s resolution on socio-economic development tasks in 2021 has just been held.

Scene of the conference
Scene of the conference

Secretary of the Quang Nam provincial Party Committee Phan Viet Cuong, Chairman Le Tri Thanh  and other leaders of related agencies and departments of Quang Nam were present at the Quang Nam spot.

In 2020, Vietnam has successfully implemented a "dual goal” of the disease control and economic growth.

Vietnam has become typical of the world in the fight against Covid-19. At the same time, Vietnam’s GDP in 2020 achieves a growth of 2.91%. Its growth is among the world’s highest. Vietnam also maintains a stable macroeconomic foundation with an inflation rate of below 4%.

According to the International Monetary Fund (IMF), Vietnam's GDP in 2020 reaches more than 340 biilion USD, among the top 40 world’s largest economies. Vietnam is also ranked in the top 16 most successful emerging economies by the Economist Time (UK).

The national brand of Vietnam has been valued at 319 billion USD for this year by the UK's leading independent brand valuation consultancy Brand Finance. The number increases by 29% in comparison to last year.

Thereby Vietnam has become the fastest growing national brand in the world, leaping 9 notches to 33rd in the top 100 most valuable nation brands in the world.

These results are from the Vietnamese Government’s efforts to improve business environment, increase export-import and support brands and companies.

Delivering an opening remark, PM Phuc stated that Vietnam has achieved a “dual goal” in preventing the Covid-19 epidemic and maintaining economic growth in 2020.

More than 8 million new jobs have been created. National economic growth now does not depend on any single economic sector.

The Government leader quoted statistics from the World Bank as saying that, with an average annual economic growth of 6.8% during 2016-2019, Vietnam was in the top 10 countries with the highest growth.

PM Phuc at the virtual conference
PM Phuc at the virtual conference

However, several shortcomings and difficulties in Vietnam economic development were also pointed out by PM Phuc. They include the issues related to sustainable development, jobs in rural areas and agricultural sectors, low competitiveness of small and medium enterprises, the quality of education, health care and social policies, environmental pollution and impacts from climate change.

Addressing at the online conference, Party General Secretary and State President Nguyen Phu Trong highly appreciated the Vietnam’s prompt and effective response to natural disasters and epidemics with low cost and high responsibility to the international community. Vietnam is also considered as one of the fastest growing economies in the world.