Vietnam accelerates growth drivers

06:00 | 28/02/2022 Economy

(VEN) - The government has issued Resolution 11/NQ-CP on socioeconomic development and recovery program, reflecting its determination to achieve speedy, effective recovery and an average annual gross domestic product (GDP) growth rate of 6.5-7 percent in the 2021-2025 period.

vietnam accelerates growth drivers
FDI pledges to Vietnam continue to thrive

Capping public debt, unemployment

The resolution aims to revitalize and develop trade and production activities, promote growth drivers and strive for 6.5-7 percent annual GDP growth rate during the 2021-2025 period. It also calls for public debt to remain below the level allowed by the National Assembly in Resolution 23/2021/QH15 and unemployment rate in urban areas to trend under four percent, while ensuring the major balances of the economy, social security and people’s lives.

The resolution proposes five groups of key tasks and solutions. These include opening the economy associated with improving health capacity; guiding and implementing a roadmap for reopening tourism, air transport and entertainment services in association with pandemic safety; ensuring social security and providing support for recovery of enterprises, cooperatives and household businesses with tax and fee exemption and reduction policies; strengthening investment in infrastructure development; reviewing and removing barriers hindering trade and production activities and accelerating simplification of administrative procedures.

Facilitating business activity

Resolution 11/NQ-CP is the most important and comprehensive strategic decision to concretize fiscal and monetary policies in order to promote economic development and recovery. With five groups of key tasks and a VND350 trillion budget package, the program is expected to prove effective.

Secretary-General of the Vietnam Association of Small and Medium Enterprises To Hoai Nam said that due to the complicated developments of the Covid-19 pandemic, many businesses withdrew from the market in 2021. However, with the flexible management of the government and the proactive adaptation of the business community, all economic activities are expected to recover soon.

According to the General Statistics Office of Vietnam under the Ministry of Planning and Investment, trade and production activities continued to recover positively in January. The number of newly established enterprises increased compared to a year ago, as did the number of enterprises returning to operations. Total realized investment capital under the state budget increased by 8.6 percent compared to the same period last year, while foreign direct investment (FDI) disbursement surged by 6.8 percent compared to a year ago.

These positive results were attributed to government efforts and actions. Minister of Planning and Investment Nguyen Chi Dung said the implementation of the socioeconomic development and recovery program will help Vietnam improve its economic results in 2022.

Radical actions and solutions have provided the Vietnamese economy with major opportunities for development and recovery.

Hoa Quynh