A paper mill. (Photo: vppa.vn) Hanoi (VNA)- With more positive developments in the world economy and the rapid recoveryof China, the Vietnamese economy has foundations to hope for a strong economicrecovery in the future, according to Duong Manh Hung, Director of the GeneralStatistic Office (GSO)’s National Accounts Department.
Hung made the remark in response to a report recently releasedby the S&P Global Ratings saying that Vietnam is likely to be the secondbest performer in terms of economic recovery in the Asia-Pacific region.
According to him, the recovery of the world economy increases the demand forgoods, thereby promoting recovery and development of export turnover,especially of products of Vietnamese strength such as farm produce, textiles,footwear, and electronic components.
In addition, the EU-Vietnam Free Trade Agreement (EVFTA) has come into effectand is being actively implemented by agencies at all levels, sectors andlocalities. The General Department of Vietnam Customs has also issued adocument instructing enterprises how to declare goods eligible for reducedtariffs under the EVFTA, helping to restore exports to Europe, which is a majortraditional market of Vietnam. In particular, the rapid recovery of the Chineseeconomy is also a good signal for the Vietnamese economy as it is a largeexport and import market of the Southeast Asian country.
Agriculture is considered the "pillar" of the Vietnamese economy in2020 because weather is favourable for cultivation and many fruit trees seebumper crops, Hung said, adding that rice prices and consumption markets forsome agricultural products are stable.
Themanufacturing industry in September increased sharply and is expected tocontinue growing in the fourth quarter, Hung stated.
At the same time, Vietnam has gone through four weeks without any new COVID-19community infections, making market service activities recover and tend to growagain, he noted.
Vietnam is also considering the reopening of international and domestic airroutes with measures to be put in place to ensure safety. It is expected that thetransport, tourism, hotel, restaurant, entertainment industries will grow sharplyat the end of the year.
“With these positive signs, it is forecast that Vietnam’s economy will growstrongly in the near future,” Hung said./.
VNA
