Accordingly, economist Nguyen Manh Cuong emphasized: “If the delay in the implementation of COVID-19 vaccine can immediately affect the ability of Vietnam to return to a strong growth trajectory as before the epidemic, when taking into account the economic dependence on external demand.
The Asian Development Bank also warned that a rapid recovery of domestic private investment could increase the risk of an asset bubble if capital is not directed into the manufacturing sector. In addition, the agency’s report also pointed out that Vietnam’s biggest policy challenge is to reduce the impact of the epidemic on poverty and income. The report calls on the Government of Vietnam to adopt a long-term, sustainable strategy to support the livelihoods of the poor and vulnerable through measures such as vocational training and improved access to micro-credit. tissue for new businesses. This helps Vietnam maintain inclusive economic growth.
ADB Country Director for Vietnam Andrew Jeffries said: “But this year and next year there are still significant risks, including the return of new corona virus variants and delays in the vaccine program. please.”
The ADB Director also said that slow domestic consumption and weak external demand due to the COVID-19 pandemic slowed down Vietnam’s economic growth last year, but growth continued to be strong in this year and the following year, thanks to success in controlling the spread of the virus.
In 2021, the disease continues to affect the global economy, Vietnam is one of the countries that ADB forecasted to grow at 6.8%.
The Asian Development Outlook (ADO) 2021 also states that Vietnam’s economic growth will be driven by an export-oriented manufacturing and manufacturing industry, increasing investment and expanding trade. The growth momentum is forecast to continue, thanks to reform programs aimed at improving the business environment and Vietnam’s participation in many free trade agreements with most of the developed economy. Both world oil prices and domestic consumption are expected to increase, which is expected to push the inflation rate to 3.8% this year and 4.0% in 2022.