Vietnam’s economic growth this year is expected to slow down due to a resurgence of COVID-19 that has tightened the labour market, lowered industrial output, and disrupted agricultural value chains.

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc has updated about FDI situation in the first nine months and shared first details on a draft post-pandemic recovery plan in an interview with the Vietnam Government Portal.

In the US, policymakers are in a dilemma when they want to tighten money pumping into the economy to prevent the risk of high inflation, but they are afraid of losing the recovery momentum.

The draft document that guides how to adapt to Covid-19 safely strives for ‘zero Covid’ goal, not ‘living together with the pandemic’, the business community says.

According to the Ministry of Planning and Investment, Ho Chi Minh City and five provinces in the Southeast region will likely have negative growth in 2021.

 In October, the Ministry of Planning and Investment (MPI) will submit to the Government an economic recovery plan, which defines the years of 2022 to 2023 as the time for the country’s recovery, according to MPI Minister Nguyen Chi Dung

The fourth outbreak of the COVID-19 pandemic starting from late April has had more negative impacts on daily life as well as socio-economic development than the previous waves in the country.

With Vietnam boosting the inoculation of vaccines for people and support for enterprises to revitalise business and production activities, upcoming updated economic recovery scenarios will make it more favourable for macro monitoring.

Prime Minister Pham Minh Chinh on Tuesday issued a directive promoting the production, circulation, consumption and export of agricultural products in the context of COVID-19 prevention and control.

Vietnam’s economy will recover on the back of solid growth achieved in the first half of 2021 after the lockdown is lifted, Dorsati Madani, Senior Economist at the World Bank (WB) Vietnam, has said.

A research team from the University of Economics and Law under the National University of Ho Chi Minh City, on September 6, announced the result on the topic "Creating the driving force for economic recovery in HCMC in the fourth wave of Covid-19".

HCM City Vice Chairman Le Hoa Binh has asked local agencies to urgently work on strategies for Covid-19 prevention and control and economic recovery after September 15.

The steering committee, led by HCM City Chairman Phan Van Mai, is responsible for developing a plan for epidemic prevention and control and economic recovery in the city after September 15.

When the pandemic ends, demand will increase and the economy will recover. To prepare for this, it’s necessary to carry out strong reform and create the most favorable business environment for enterprises.

Dr Pham Trong Nghia suggested that the Government have scenarios on epidemic developments with different levels, possible impacts, solutions and policy adjustments in both the short and long term.

Data shows that industrial production index in the first five months of the year advanced 9.9 percent year-on-year, with manufacturing and processing up 12.6 percent.

The ongoing fight against the COVID-19 pandemic has led to huge demands for capital for Vietnam to support local production. 

Vietnam’s economy is witnessing an impressive rebound and is expected to be among the best recovering economies in the world despite Covid-19 resurgence in neighboring countries.

Asian economies, hit hard by the coronavirus pandemic, are expected to recover this year with the help of COVID-19 vaccine rollouts, 

In line with the global vaccine visa drive, Vietnam’s latest move to complete technical infrastructure for the availability of such a travel document in April is expected to revive industries, heralding strong economic recovery ahead.