Economy Continues to Grow Despite Global Pandemic
Industrial production stepped up.
Faced with the closure or reduction of many
global markets because of the international health
emergency and economic crisis, Vietnam took
measures to develop its domestic economy comprised
of more than 97 million people. The Vietnam News
Agency interviewed the Vietnam Minister of
Industry and Trade Tran Tuan Anh on what was
accomplished during the difficult year 2020.
The Minister said the government made every
effort to develop the national economy in response
to the "new normal" of disrupted global supply
chains. It introduced a wide range of stimulus
programs "to encourage demand for domestic
products and services," which proved effective in
boosting revenue from the circulation of goods and
sale of services across the nation. This included
facilitating the distribution in urban areas of
rural products and the building of infrastructure.
This could be seen with the continuing addition of
new retail stores. In the ten-year period to the
end of 2020, almost 7,000 new supermarkets and 140
new shopping malls and thousands of new
convenience stores in the bigger cities have been
added to the retail sector.
Local companies, both government-owned
enterprises and private ones, stepped up their
production and business activities greatly
contributing to positive growth of the nation's
economy during the past year. The Minister added
that this was only possible because the government
mobilized the people to engage in a "swift and
effective response to the pandemic." As of
February 12, Vietnam continues to have one of the
best records to this point in keeping the COVID-19
virus at bay with 2,142 total cases and 35 deaths
so far for the entire country. While combating the
pandemic, Vietnam was also one of the few
countries to experience positive growth in the
economy with GDP increasing almost three per cent
in 2020.
Government Announces Measures to Build Economy
Design for National Innovation Centre.
The Vietnamese government has promulgated two
resolutions "to promote socio-economic development
and enhance national competitiveness in 2021
respectively." Speaking at a press conference on
January 4, Mai Tien Dung, Chairman of the
Government Office, said the goal was to expand the
economy 6.5 per cent in 2021.
The government outlined 96 specific targets on
which ministries, agencies and localities must
formulate their own plans and evaluate their
success. The resolutions emphasize "efforts to
support people and enterprises to revive
production and business activities negatively
affected by COVID-19."
In related news, the Prime Minister of the
Socialist Republic of Vietnam, Nguyen Xuan Phuc,
on January 5 issued the National Strategy on the
Fourth Industrial Revolution to be achieved by
2030.
The strategy's objectives, as reviewed by the
newspaper Nhan
Dan, the Central Organ of the Communist
Party of Vietnam, "are to take full advantage of
opportunities presented by the Fourth Industrial
Revolution; fundamentally master and widely apply
new advanced technologies in different social and
economic aspects; gradually develop new
technologies in support of renewing Vietnam's
growth model and promoting economic restructuring
in tandem with the implementation of strategic
breakthroughs and national modernization; and
accelerate growth of the digital economy.
"The strategy also aims for the country's robust
and sustainable development based on
science-technology, innovation and high-quality
human resources; improvement in life quality,
social welfare and people's well-being; firm
safeguarding of national defence and security and
protection of the environment and eco-system;
enhancement of international integration
effectiveness and use of high technology in
ensuring cyber security."
The National Strategy aims for the digital
economy to become 30 per cent of the Gross
Domestic Product; to expand productivity annually
by 7.5 per cent; to reach the goal of countrywide
universal access to fibre-optic Internet and 5G
services; and, according to Nhan Dan,
accomplish "the completion of digital government
development, and the establishment of smart cities
in key economic zones across the north, central
and southern regions which will be connected with
the regional and global networks of smart cities."
Modern nano technology lab in Ho Chi Minh City.
Nhan Dan writes, "To this end, Vietnam
plans to further accelerate development of
infrastructure, database, and human resources;
build e-Government towards a digital government;
enhance national innovative capacity; develop a
number of priority technologies for the active
engagement in the Fourth Industrial Revolution
such as robotics, advanced materials, renewable
energy, artificial intelligence (AI), the Internet
of Things (IoT), big data and blockchain. The
country will also expand international cooperation
and integration in science and technology."
The strategy envisions stepping up "the
development of high-speed Internet services and
secured digital infrastructure to meet demand for
big data connection and processing; the
application of digital technology in State
governance and delivery of public services in all
areas; and building of the real-time information
system to support the Government's governance and
administration."
This article was published in
Volume 51 Number 4 - February 14, 2021
Article Link:
https://cpcml.ca/Tmlm2021/Articles/MS51043.HTM
Website: www.cpcml.ca
Email: editor@cpcml.ca
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