Carrots are processed for export at Hung Viet Argricultural Joint Stock Company in Hai Duong province (Photo: VNA) Hanoi (VNS/VNA)– The acute respiratory disease caused by a novel coronavirus (COVID-19) hashighlighted an urgent need for Vietnam to boost its economic restructuringand diversify its markets.
“The epidemic is an opportunity for Vietnam to look at its strong pointsand weak points, and to accelerate the restructuring process,” Minister ofPlanning and Investment Nguyen Chi Dung said during a recent interviewwith zing.vn. “It is time for Vietnam to build an economy moreindependent and resilient to adapt to changes,” Dung stressed.
The epidemic has been taking its toll on the Vietnamese economy. The ministrypointed out that a number of sectors would be affected such as travel,transportation, agricultural, forestry and fishery production, industrialproduction, trade and investment.
The ministry also forecast lower economic growth rates in 2020 than theGovernment’s targets.
According to the ministry’s latest report, if the epidemic wasbrought under control in the first quarter, GDP growth rate for 2020 wouldreach 6.25 percent, 0.55 percentage points lower than the Government’s target.The Vietnamese economy would grow just 5.96 percent this year if the epidemiccontinued until the second quarter.
Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry, said theepidemic was seriously affecting production and business operations,urging firms to take action to minimise the economic damage caused byCOVID-19, not just wait for Government support.
The Ministry of Planning and Investment predicted that if the epidemicprolonged to the end of the first quarter, revenue from international touristswould decrease by 2.3 billion USD in 2020 and 5 billion USD if the epidemiclasted to the end of June.
Agricultural production has also suffered heavily. China is the largest marketfor Vietnam’s agricultural produce, accounting for 22-24 percent of thecountry’s agro-forestry-fisheries exports.
Minister of Agriculture and Rural Development Nguyen Xuan Cuong was quoted bythe Vietnam News Agency as saying that challenges must be turned intoopportunities. Cuong stressed that the ministry would focus on pushingagricultural restructuring and developing markets for agricultural products.
Farmers must cooperate with firms to build value chains for sustainabledevelopment, he stressed.
Researchers from the Training and Research Institute st the Bank forInvestment and Development of Vietnam recently pointed out that developing andimplementing a strategy to diversify markets and trade partnerswas needed for Vietnam to reduce dependence on single markets.
Economic restructuring must also be strengthened, researchers said, adding thatthe focus should be on quality, creativeness, inclusiveness and sustainabledevelopment.
It was also necessary to enhance the economy’s resilience to external shocks byenhancing competitiveness, improving production capacity and developingdomestic markets.
To cope with the COVID-19 epidemic, Prime Minister Nguyen Xuan Phuchas asked ministries to reorganise production and take advantageof trade deals to diversify and expand international markets.
“The epidemic is an opportunity for Vietnam to look at its strong pointsand weak points, and to accelerate the restructuring process,” Minister ofPlanning and Investment Nguyen Chi Dung said during a recent interviewwith zing.vn. “It is time for Vietnam to build an economy moreindependent and resilient to adapt to changes,” Dung stressed.
The epidemic has been taking its toll on the Vietnamese economy. The ministrypointed out that a number of sectors would be affected such as travel,transportation, agricultural, forestry and fishery production, industrialproduction, trade and investment.
The ministry also forecast lower economic growth rates in 2020 than theGovernment’s targets.
According to the ministry’s latest report, if the epidemic wasbrought under control in the first quarter, GDP growth rate for 2020 wouldreach 6.25 percent, 0.55 percentage points lower than the Government’s target.The Vietnamese economy would grow just 5.96 percent this year if the epidemiccontinued until the second quarter.
Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry, said theepidemic was seriously affecting production and business operations,urging firms to take action to minimise the economic damage caused byCOVID-19, not just wait for Government support.
The Ministry of Planning and Investment predicted that if the epidemicprolonged to the end of the first quarter, revenue from international touristswould decrease by 2.3 billion USD in 2020 and 5 billion USD if the epidemiclasted to the end of June.
Agricultural production has also suffered heavily. China is the largest marketfor Vietnam’s agricultural produce, accounting for 22-24 percent of thecountry’s agro-forestry-fisheries exports.
Minister of Agriculture and Rural Development Nguyen Xuan Cuong was quoted bythe Vietnam News Agency as saying that challenges must be turned intoopportunities. Cuong stressed that the ministry would focus on pushingagricultural restructuring and developing markets for agricultural products.
Farmers must cooperate with firms to build value chains for sustainabledevelopment, he stressed.
Researchers from the Training and Research Institute st the Bank forInvestment and Development of Vietnam recently pointed out that developing andimplementing a strategy to diversify markets and trade partnerswas needed for Vietnam to reduce dependence on single markets.
Economic restructuring must also be strengthened, researchers said, adding thatthe focus should be on quality, creativeness, inclusiveness and sustainabledevelopment.
It was also necessary to enhance the economy’s resilience to external shocks byenhancing competitiveness, improving production capacity and developingdomestic markets.
To cope with the COVID-19 epidemic, Prime Minister Nguyen Xuan Phuchas asked ministries to reorganise production and take advantageof trade deals to diversify and expand international markets.
Developingthe domestic market and improving domestic purchasing power were alsoimportant, he said./.
VNA
