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VN FORECAST TO GROW 6.8% ANNUALLY IN 2021-2025
Viet Nam’s economic growth is projected to expand 6.8% per year in the medium term 2021 – 2025, according to the latest forecast jointly conducted by the National Center for Socio-Economic Information and Forecasting (NCIF) and the United Nations Development Program (UNDP).
The NCIF and the UNDP released the forecast at a workshop titled “Viet Nam’s economy in the medium term 2021-2025: Recovery and Growth Accelerates” held on January 20 in Ha Noi.
Dr. Dang Duc Anh, Deputy Director of the NCIF was quoted as saying that in 2021, Viet Nam’s economy growth is likely to be high again, which is estimated at 6.17% in the basic scenario and 6.72% in the positive situation.
In the basic scenario, the economic growth rate will reach about 6.3% per year in 2021-2025 in the context of risks of Covid-19 being present, moderate efficiency of the government’s solutions to help the economy, the prolonged world instability and the slow economic and trade growth.
Meanwhile, Viet Nam’s economic growth is estimated to reach 6.8% per year in the medium term 2021 – 2025 in the positive scenario. The economy is expected to experience a slight decrease after high growth rate in 2021.
The COVID-19 pandemic has brought new challenges and opportunities to Viet Nam in the 2021-25 period, including the emergence of new trends, the reshaping of international financial flows, trade and investment, especially supply chain shifts.
Vietnam’s consumer price index (CPI) in February was up 1.52% over the previous month and 0.7 percent year on year, according to the General Statistics Office (GSO).
Vietnam lures 5.46 billion USD in foreign investment
Vietnam’s import-export value during the first two months of this year is expected to top 95.8 billion USD, a year-on-year rise of 25.4 percent.
Sustained growth of new orders was recorded, helping to drive the improvement in overall business conditions. New work has now increased in six successive months. Total new orders were supported by a return to growth of new export business amid some signs of improving international demand.
Viet Nam needs about 128.3 billion USD of investment capital to develop its electricity industry in 2021-2030, according to draft electricity planning released by the Ministry of Industry and Trade (MoIT).
Industrial production in February fell by 7.2% against the same period last year, according to the General Statistics Office.