Canadian businesses believe in Vietnam’s medium-term economic outlook

Hanoi (VNA) - Canadian entrepreneurs have voiced their belief in Vietnam’s economic outlook despite the fourth wave of COVID-19 outbreaks and the adverse impacts of the pandemic on the country’s activities and momentum growth.

In an interview with the Vietnam News Agency’s correspondent, Marc Djandji, Chartered Financial Analyst (CFA) at the ASEAN Strategy Group Limited advisory firm, said the Southeast Asian nation is one of the world’s most dynamic stock markets and its economy has stayed resilient until the first half of 2021.

Vietnam’s economic activities will be restrained in the coming months due to the spread of COVID-19. Industries, manufacturing and construction, which serve as a driving force for the economy, are bearing the brunt of current outbreaks, he said.

Djandji underlined that Vietnam’s recovery will depend on the implementation of COVID-19 vaccination drive in the country, speaking highly of the country’s strong sense of collective responsibility and solidarity.

According to him, the Vietnamese economy will remain stable and be driven by industrialisation and urbanisation in the medium term.

The country will continue to benefit from its integration into the global supply chain, foreign direct investment attraction and a rapid growth rate in manufacturing, he added.

Echoing Djandji’s views, Phil Witherington, Chief Financial Officer at Manulife insurance company said although the resurgence of COVID-19 may cause short-term impacts, the Vietnamese market’s potential in the long-term remains robust and stable. 

The Vietnamese Government has taken essential steps and joined hands with firms to protect workers and customers in Vietnam, as well as exert efforts in economic development.

He went on to say that Vietnam is among countries earning economic success in the region and one of Manulife’s largest markets in Southeast Asia.

With a projected population of 120 million people by 2050, Vietnam is viewed as an attractive destination for Canadian businesses. In addition to trade, cooperation opportunities have emerged in other fields of investment, financial services and infrastructure development, among others.

The country posted a gross domestic product growth rate of 5.64 percent in the first half of this year.

Vietnam’s GDP is forecast to hit 4.8 percent this year, according to the World Bank./.