In the afternoon, December 27th, 2020, the General Statistics Office (GSO) held a press conference to announce the report on social and economic situations in the fourth quarter and 2020. Ms. Nguyen Thi Huong – Director General of GSO chaired the press conference and announced some main issues about social and economic situations of Viet Nam in the fourth quarter and 2020. In this regard, gross domestic product (GDP) in the fourth quarter of 2020 was estimated to increase by 4.48% over the same period last year, the lowest increase of the fourth quarter of each year in the period 2011-2020. General in 2020, GDP increased by 2.91% (in the first quarter, the second quarter, the third quarter and the fourth quater increased by 3.68%; 0.39%; 2.69%; 4.48% respectively), although being the lowest increase of the period 2011-2020, but in the context of the Covid-19 pandemic happened complicatedly, negatively affecting all socio-economic fields, this is a great success for Vietnam with the growth rate in 2020 among the highest in the world. It suggests that the precision in the direction and administration to recover the economy, prevent disease and the strive, agreement of the entire political system, the Government, the Prime Minister, efforts of people and the business community to effectively achieve the goal of “both preventing pandemics and developing socio-economic”.

          Some key socio-economic in 2020:

          – Gross domestic product (GDP): + 2.91%

          – Index of industrial production (IIP): + 3.4%

          – Number of newly registered enterprises: 134,940 interprises

          – Retail sales of good and servicess: + 2.6%

          – Investment: + 5.7%

          – Total export of goods: + 6.5%

          – Total import of goods: + 3.6%

          – Trade surplus: 19.1 tỷ USD

          – International visitors to Viet Nam: -78.7%

          – Consumer price index: + 3.23%

          – Core inflation: + 2.31%

In the context of the Covid-19 epidemic causing a great shock leading to the world economy and global trade deeply and seriously declined, the socio-economic picture of Vietnam in 2020 continues to remain stable, determining and achieving positive results in all fields thanks to the timely and drastic direction of the Government, the Prime Minister, the efforts of all levels, sectors, localities, and business communities, industry, and people nationwide. After the social distancing measures were relaxed, combine with the positive impact from the Government’s policies to support businesses and people, the socio-economic sectors have been entered a state of operation in new normal conditions. The economy maintained a positive growth rate of 2.91%, although it did not reach the set target, Vietnam was in the group of countries with the highest growth rate in 2020 in the world. The macroeconomy was stable, inflation controlled at a low level. Domestic supply and demand of goods guaranteed, and people’s purchase activity and consumption increased again in the last months of the year. The agriculture, forestry, and fishery sector were affected negatively by climate change, drought, saline intrusion, and epidemics had timely responses, which are the support for the economy in difficult times, towels, ensuring food supply. Although the Processing and manufacturing industries sector did not reach high growth, it plays an important role in economic growth in 2020. Total merchandise import and export turnover has set a new record and reached the highest trade surplus value ever. Progress of public investment disbursement has improved markedly, rate of investment capital under the State budget reached the highest level since 2011. The quality of the population has been increasing day by day, life expectancy was high rising, the mortality rate remained low. The labor and employment situation in the last months of the year showed many positive signs. Social security is concerned about implementation.

However, in addition to the achieved results, our country’s socio-economic situation also faces many difficulties and challenges, especially the Vietnamese economy open widely, which is intertwined in many aspects because The international economic situation is increasingly complicated and unpredictable. Although Vietnam controlled the Covid-19 epidemic, it was complicated developments in the world, disrupting the global supply chain, affecting the trade, tourism, and transportation industries, many businesses fell into a shortage of production materials, downsizing and shutting down operations. A slow restructuring process led to a low quality of growth. Export and import of goods increased, but its quality could not meet the requirement and be unsustainable. The quality of human resources was not high, and the result was low labor productivity caused limited efficiency and competitiveness for the entire economy.

Despite many difficulties and challenges, our country’s socio-economic development had the fundamental advantage of the trust of the people and the business community indecisive and correct leadership, direction and timely by the Party, National Assembly, and Government; at the same time, we have had the opportunities ahead to grasp and make the most of the growing confidence of international investors in Vietnam that will help Vietnam become one of the most attractive destinations for foreign investors, creating opportunities for domestic enterprises to develop rapidly, aiming to participate deeply in the global supply chain. Entering the year 2021, branches, levels, and localities must properly and fully realize the difficulties and challenges on the way ahead to promptly have solutions to overcome, and at the same time actively take advantage of opportunities to show the best socio-economic development goals in 2021, creating strong momentum for the following years. Along with keeping the socio-economic development environment stable, ensuring safety and favorable conditions for people’s lives and business activities of enterprises to create an important foundation for development, it is necessary to focus on the following key contents:

Firstly,continue to focus on solving difficulties for businesses, economic recovery, processes, and procedures reforming, so that enterprises can access support policies simple, convenient, and timely. Assist the business community in finding import markets for raw materials, fuels, materials and spare parts to over difficulties caused by the Covid-19 epidemic.

Secondly,issuing and implementing breakthrough solutions, creating pressure for economic organizations to access and apply technology, step by step improve their capacity to innovate and innovate in production and business activities. Focus on improving labor productivity and competitiveness of the economy. Vietnamese enterprises need to perceive correctly and implement the motto: “Vietnamese people prefer using Vietnamese goods.” Interest in developing the domestic market, proactively connecting and growing distribution channels for Vietnamese products and goods. Concurrently, mobilize people to prefer using domestic goods, to support enterprises in producing and consuming products.

Thirdly,flexibly and prudently administer monetary policy interest rates and exchange rates under domestic and international market developments,Coordinate harmoniously with the fiscal policy and other macro policies to control inflation, support production, business, and promote economic growth, Prevent proactively and minimize the world market instabilities that impact negatively on the domestic market. Credit growth meets production and business development requirements.

Fourthly,stimulate investment demand in the enterprise having export production to actively available source goods when the world’s markets astir normally again and take advantage of opportunities from the European – Vietnam Free Trade Agreement. Develop rapidly supporting industries, including the manufacturing industry of product imported at present and the manufacturing with high value-added export products to reduce the pressure on inputs imported.

Fifthly, make a specific direction of the output market based on promoting the manufacturing model towards closely linking the household economy and businesses, production of clean agricultural products under underwriting products contracts with stable status and high legal status is an important factor to guarantee that products can stand firm when competing with other countries in the integration period. To improve the consumption of the agricultural products, besides doing well in planning strategies from the selection of plants and animals to the production stage, it is necessary to promote the propaganda of information on market tastes, product prices, and information on policies that come to farmers to consume products more effectively. Enhance the export of processed agricultural products, apply and renew technologies in farming and processing to increase productivity, improve quality, and increase competitiveness for exported agricultural commodities.

Sixthly,closely monitor the weather situation, proactively preventing natural disasters, warning on floods, landslides, the impact of drought, saltwater intrusion to minimize damage to production and life of people. Effectively implement policies on social security, labor and employment. Well done in unexpected assistance, ensure timely support for people when facing risks and natural disasters, help them overcome difficulties and stabilize their lives. Strengthen in ensuring traffic order and safety, environmental protection, and fire prevention./.