Vietnam’s economy should get back to GDP growth of 6.8 per cent next year, which will be driven by a return of strong foreign direct investment into the market, mainly focusing on the manufacturing sector, according to HSBC Vietnam.
Foreign direct investment (FDI) registered in Vietnam reached 26.46 billion USD as of November 20, up 0.1 percent year on year, according to the Ministry of Planning and Investment.
Amid a protracted COVID-19 outbreak, socio-economic data in October showed the contraction has bottommed out and Vietnam's economy has made positive changes, the World Bank (WB) in Vietnam said in its Vietnam macroeconomic update for November released on November 12.
Vietnam’s gross domestic product (GDP) expanded by 1.42 percent in the first nine months of 2021 from the same period last year, marking a great success of the country in the fight against the COVID-19 pandemic and maintaining production and business amid the prolonged period of social distancing in many provinces and cities.
Integration with global manufacturing has helped keep Vietnam’s economy humming during the pandemic, according to an article published on news site The Economist on August 30.
In spite of the fact that the COVID-19 epidemic has affected production activities of enterprises at industrial parks, Vietnam’s total import and export turnover still sustained its growth momentum in the first five months. However, trade deficit also returned.
The Ministry of Planning and Investment is working with relevant ministries, sectors, and localities to draft a national strategy on green growth for 2021-2030 and vision to 2050.
Vietnam's export turnover increased 22 percent to reach 77.34 billion USD in the first quarter of 2021, while the trade surplus was estimated at 2.03 billion USD.
The rapid suppression of the new COVID-19 outbreak in late January 2021 has helped maintain Vietnam’s positive outlook for economic recovery this year, the World Bank (WB) has said.
Vietnam’s economy will grow 6.5 percent each year over the course of the next 10 years as the Government diversifies export markets and improves infrastructure, according to market researchers Fitch Solutions.
European Business Leaders are more optimistic about Vietnam’s trade and investment than at any point since the outbreak of COVID-19, according to the Business Climate Index from the European Chamber of Commerce (EuroCham).
Prime Minister Nguyen Xuan Phuc has recently approved a legal assistance program for small-and medium-sized enterprises (SMEs) in the 2021-2025 period. The programme aims to promote awareness and sense of legal compliance and reduce legal risks and obstacles of SMEs that account for majority of the country’s total businesses.
2020 is a tough year for Vietnam, yet the economy has reaped remarkable achievements. Experts have been optimistic about Vietnam’s economic growth in 2021.
Vietnam posted the fastest growth in Asia in 2020 and will once again be among the most outstanding performers in the region this year, according to the Hong Kong Shanghai Banking Corporation (HSBC).
The COVID-19 situation has considerably sped up the transition of manufacturing work into Vietnam and the country is uniquely positioned to take advantage of this move.
Vietnam moved up four grades to become the second largest exporter to the US in 2020, with its export turnover to the country surging 24.5 percent to an estimated 76.4 billion USD.
Foreign investors had poured more than 28.5 billion USD into the Vietnamese market as of December 20, equivalent to 75 percent of the amount in the same period last year.
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