Reopening of economy – important to reverse GDP growth in Q4
Reopening the economy is being considered an inevitable path to create an opportunity to reverse gross domestic product (GDP) growth in the fourth quarter and improve that of the whole year 2021.
Hanoi (VNA) – Reopening the economy is being considered aninevitable path to create an opportunity to reverse gross domestic product(GDP) growth in the fourth quarter and improve that of the wholeyear 2021.
This is also a way for Vietnam not to miss a beat of theworld economy’s recovery, according to experts.
The nation’s GDP declined by 6.17 percent annually in thethird quarter of 2021, making the GDP growth rate in the first nine months uponly 1.42 percent, much lower than the target set at the beginning of thisyear.
Speaking at a recent webinar on Vietnam’s economic outlook,economist Nguyen Xuan Thanh, senior lecturer at Fulbright Vietnam University,affirmed that reopening is crucial to recover the economy. To achieve positiveeconomic growth, Vietnam should soon reopen its economy, maintain the openingstatus, and avoid the imposition of large-scale social distancing again.
Vu Tien Loc, President of the Vietnam InternationalArbitration Centre (VIAC), said that GDP will continue contracting if thesituation is not improved.
According to him, the world economy is forecast to grow by5.6 percent in 2021. Therefore, if Vietnam does not reopen its economy soon, itcan miss the world’s recovery beat, and stand apart from the resumption ofglobal supply chains.
Based on the growth rates in the third quarter and the firstnine months of 2021, the Ministry of Planning and Investment has proposed twoGDP growth scenarios for the whole year, at 3 or 3.5 percent. To achieve theGDP growth rate of 3 percent or 3.5 percent in 2021, that of the fourth quartermust hit at least 7.06 percent or 8.84 percent, respectively.
Representatives from the foreign business associationssuggested the Vietnamese Government have a clear roadmap for the reopening assoon as possible./.
The AXA Investment Managers Asia headquartered in Singapore recently published an article which elucidates the reasons behind Vietnam’s high ranking on economic performance and discusses the prospects for broadening the country’s position in the regional and global production ecosystems.
The General Statistics Office (GSO) has proposed the Government prioritise effective pandemic prevention and control, and continue aid packages for enterprises in a bid to boost GDP growth given difficulties caused by COVID-19.
The Vietnamese economy is likely to gradually recover from the fourth quarter of 2021 and escape the minus growth seen in the third quarter thanks to the activeness of the business community and the Government’s efforts to remove obstacles facing enterprises, held economist Nguyen Bich Lam who is former Director General of the General Statistics Office.
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Illustrative image (Source: VNA) 
