Making news

Vietnam has ‘golden opportunity’ to reactivate economy: official

Vietnam now has a “golden opportunity” to reactivate its economy earlier than many other countries, Minister-Chairman of the Government Office Mai Tien Dung said on June 2.

At the Government’s regular press conference in Hanoi, he cited the Government’s assessment that there were many bright spots in the economy over the last five months.

Exports declined, but not strongly compared to the same period last year, and a trade surplus of 1.9 billion USD was still recorded. Only tourism revenue and the number of international arrivals experienced sharp falls.

The macro-economy remains stable, the monetary policy stays flexible while the attraction of foreign capital along with businesses and people’s absorption of capital have also proved effective, Dung noted.

He highlighted the Government’s viewpoint that ministries and sectors must push ahead with the COVID-19 fight and adamantly prevent the return of this pandemic so as to focus every resource on production recovery and economic development.

The official also quoted the Ministry of Planning and Investment as reporting that 5,056 businesses resumed operations in May, up 32.7 percent month on month. Total retail sales of goods and service revenue also grew 26.9 percent from April, the index of industrial production (IIP) 11.2 percent, and exports 5.2 percent.

These figures showed the economy has begun to return to normal after the social distancing period, he said.

However, the minister noted, the report also pointed out that big difficulties still lie ahead.

Revenue from trading activities and services last month soared by 26.9 percent against April but dropped 4.8 percent year on year. The five-month retail sales of goods and service revenue shrank 3.9 percent from the same period of 2019.

Meanwhile, the IIP in May still fell 3.1 percent from a year earlier, and the five-month figure rose by only 1 percent year on year – the slowest pace in many years.

According to the General Statistics Office, as the COVID-19 situation remains complex around the world, supply chains of input materials will continue to be interrupted, and so will industrial production./.