Vietnam’s economy estimated to lose $37bn due to Covid

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Vietnam’s economy is estimated to lose some $37 billion due to the Covid-19 pandemic by the end of this year, according to a top official…reports Asian Lite News

Nguyen Thanh Phong, deputy head of the Economic Commission under the Communist Party of Vietnam’s Central Committee, made the remarks at a forum discussing economic recovery measures held on Sunday in the capital Hanoi, reports Xinhua news agency.

Vietnam’s economy estimated to lose $37bn due to Covid

If it was not for the raging pandemic, the country’s economy could have grown 7 per cent per year in the past two years, Phong said.

However, in fact, it expanded 2.91 per cent in 2020 and is expected to grow just 2.5 per cent in 2021.

To weather the pandemic’s impact, it is necessary to have comprehensive recovery solutions with four growth drivers namely investment, export, domestic consumption and digital transformation, the official said.

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Vietnam posted a modest gross domestic product growth of 1.42 per cent in the first nine months of this year due to severe impacts of the pandemic, according to its General Statistics Office.

The country will strive to achieve an economic growth rate of between 6 and 6.5 per cent in 2022 under a plan decided recently by its top legislature.