2020 – Vietnam's most successful year over past five years

The year 2020 can be said to be the most successful year of Vietnam during 2016-2020, as the country is among the few in the world posting a positive growth rate amidst the COVID-19 pandemic, Prime Minister Nguyen Xuan Phuc has affirmed.
Addressing an online conference between the Government and localities on December 28, Phuc said that Vietnam has to date fulfilled the twin targets of preventing and controlling the pandemic and maintaining economic growth.
“Looking back on the past five years, our country is better than ever with high growth, everyone is benefited from development achievements, and the trust is consolidated. We have also assumed many important roles in the international and regional arenas and successfully organised numerous important international events,” stressed Phuc.
He went on to say that the Party and State have pushed forward Party building and corruption prevention work, so that people’s confidence in the Party and the nation’s future has continued to be consolidated.
Thanks to the determination of the entire political system as well as the consensus of people and businesses, the country has created more than 1.2 trillion USD of GDP in the past nearly five years, based on a stable macro-economic foundation.
The Government leader quoted statistics of the World Bank as saying that with an average annual economic growth of 6.8 percent during 2016-2019, Vietnam made its name in the top 10 countries with the highest growth.
He also noted that development has become more inclusive, with the impressive performance of many localities contributing greatly to the national growth. The national economic growth now does not depend on any single economic sector, while the private sector has gradually affirmed its position as an important driver of the country.
The State budget collection posts an impressive result, while spending is tighter and more effective, he said.

Along with economic growth, the country also recorded rapid social progress, with more than 8 million jobs created and people’s income and living conditions improved.
Regarding 2021 targets, including a GDP growth rate of around 6 percent, the Government leader said that the targets are calculated based on many factors.
However, the Government leader pointed to several shortcomings and difficulties. Economic growth fails to meet potential, while employment of a part of population, particularly in rural areas, has not been ensured. The average income level is low and instable under the impact of COVID-19.
PM Phuc noted that not all localities can find the appropriate drivers for their growth, particularly those in mountainous and remote areas. The business sector, particularly private enterprises and small-and medium-sized enterprises, still face many difficulties and have low competitive capacity. Many bottlenecks remain in the national economy such as infrastructure, human resource quality, legal and institutional reform and business environment.

At the same time, the quality of education, health and social policies remains lower than expectations, and environmental pollution and negative impacts of climate change are becoming clearer.
He stressed that Vietnam cannot be in the world’s leading countries in terms of income, but it can be the leader in several fields.
“We can do better,” he said, expressing his belief that with the fine quality of the nation, Vietnam will advance forward more quickly./.