Vietnam leads CLMV countries in economic recovery: Maybank Kim Eng

Illustrative image (Photo: VNA)

Singapore (VNA) – Vietnam appears to be leading the economic recovery among four emerging economies in ASEAN known collectively as CLMV (Cambodia, Laos, Myanmar and Vietnam), with exports and manufacturing already "far above" pre-pandemic levels, according to Maybank Kim Eng.

In its recent report, the bank described recovery in the region as sluggish and uneven, noting that Vietnam now leads the region, Business Times of Singapore reported.

Vietnam had successfully averted a recession last year, with its export turnover expanding by 7 percent, it said.

In the first four months of 2021, the country’s export turnover rose by 28.3 percent year-on-year, with strong gains in machinery, computer and electronic items. Maybank maintained its forecast of 2021 full-year GDP growth at 6.5 percent for Vietnam.

However, it is slashing its outlook for Cambodia to 4.2 percent from 5.9 percent. Meanwhile, Laos is expected to grow 4.8 percent instead of 6 percent, and Myanmar could contract 8 percent instead of a growth rate of 3 percent.

According to the bank, the pace of economic recovery in all the four countries hinges largely on vaccine rollout, but vaccine procurement has been a challenge./.

VNA