Business

Vietnam’s economic growth likely to expand 6.7 pct in 2021: ADB

Vietnam’s economic growth is expected to rebound to 6.7 percent this year despite the recent resurgence of the COVID-19 pandemic in nearby countries, and rise to 7 percent in 2022, according to the Asian Development Bank (ADB).
Vietnam’s economic growth likely to expand 6.7 pct in 2021: ADB ảnh 1A view of Ho Chi Minh City (Photo: ADB)
Hanoi (VNA) – Vietnam’s economic growthis expected to rebound to 6.7 percent this year despite the recent resurgenceof the COVID-19 pandemic in nearby countries, and rise to 7 percent in 2022,according to the Asian Development Bank (ADB).

In its Asian Development Outlook (ADO) 2021released on April 28, the ADB said Vietnam’s economicgrowth will be boosted by export-orientedmanufacturing, increased investment, and expanding trade.

The growth momentum is expected to continue, thanks to ongoing reforms toimprove the business environment and Vietnam’s participation in multiple freetrade agreements (FTAs) involvingalmost all advanced economies.

Rising internationaloil prices and increased domestic consumption is expected to push inflation upto 3.8 percent this year and 4.0 percent in 2022, the report said, adding thatfaster-than-expected recovery in China and the US would significantlyexpand Vietnam’s trade and growth prospects.

The report said Vietnam canmaintain inclusive growth by softeningthe pandemic’s impact on poverty and incomes.

The ADB also raised its 2021 economic growth projection for developing countries inAsia amid ongoing COVID-19 vaccine campaigns and the sharply increasing exportdemand in the world market.

Thedeveloping region in Asia, comprising 45 countries in Asia Pacific, is forecastto grow 7.3 percent by 2021, and 5.3 percent in 2022.

Meanwhile, the growth rate forecasted for theSoutheast Asian region is 4.4 percent, down from the earlier projection of 5.5percent due to the instability in Myanmar. The Philippines, the slowest economyin Southeast Asia last year with a 9.6-percent contraction, is forecast to grow4.1 percent this year./.
VNA
#ADB #economic growth #COVID-19 pandemic #Vietnam #Asian Development Outlook #free trade agreements #COVID-19 vaccine campaigns #Vietnamplus #Vietnam news #Vietnam News Agency
Follow VietnamPlus

Related News

Vietnam managed to maintain stable macro-economy and control COVID-19 pandemic effectively (Illustrative image. Source: VNA)

Vietnam’s bright economic outlook in 2021

Experts have been optimistic about Vietnam’s economic growth in 2021 based on the latest situation, as well as the sound decisions and policies adopted by the Party and Government.

See more

Thang Long II Industrial Park in Hung Yen province. (Photo: VNA)

Green industrial parks draw FDI to northern Vietnam

From 2026, the industrial real estate market in the northern region is forecast to enter a new growth phase as strategic infrastructure projects near completion, supply expands, and green industrial parks become a decisive factor for foreign direct investment (FDI).

Border guards from Thanh Hai Border Guard Station patrol fishing vessels entering Phu Hai port in Phu Thuy ward, Lam Dong province. (Photo: VNA)

Lam Dong orders swift action to address IUU fishing gaps

Vice Chairman of the provincial People’s Committee Le Trong Yen has directed heads of relevant departments, sectors and localities to strictly implement directives and newly issued regulations on IUU prevention, while strengthening public awareness efforts so fishermen and businesses better understand and comply with the rules.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks at the meeting to review the development strategy and operational framework for the international financial centre. (Photo: VNA)

Deputy PM urges early establishment of trading platforms at Int’l Financial Centre

Chairing a meeting in Hanoi on March 6 to review the development strategy and operational framework for the international financial centre, Binh acknowledged the progress made by relevant ministries and localities in a short period of time. However, he noted that current efforts have largely focused on building the organisational structure and legal framework.

Regza Vietnam Electronics Co., Ltd. (fully invested by Taiwan, China) installs four modern production lines in 2024. (Photo: VNA)

FDI disbursement in Jan–Feb reaches five-year high

The NSO noted that the Republic of Korea (RoK) and Singapore were the largest investors during the period, each registering over 1 billion USD in newly committed capital, accounting for a significant share of total foreign investment inflows into Vietnam.

Rising geopolitical tensions in the Middle East on Vietnam’s economy under the baseline scenario is expected to remain limited. (Photo: VNA)

Middle East tensions likely to have moderate impact on Vietnam’s economy: VinaCapital

According to Michael Kokalari, Director of Macroeconomic Analysis and Market Research at VinaCapital, the conflict is unlikely to significantly affect Vietnam. Exports to the Middle East account for less than 3% of Vietnam’s total export turnover, while the likelihood of a large-scale and prolonged ground campaign in Iran is considered relatively low.

VinFast has signed a strategic partnership with six electric motorbike dealers in Indonesia, marking a new step in expanding its distribution network in one of the region’s and the world’s largest motorcycle markets. (Photo: VNA)

VinFast partners with six e-scooter dealers in Indonesia

In preparation for the launch of its electric scooters in Q2/2026, VinFast has signed additional MoUs with six dealers, including PT. IB Motor, PT. Sentrik, PT. Axara Marani, PT. Sukses Sejati Indonesia, PT. Tangguh Inti Motor, and PT. Kiki Motor Persada. These partners are distributors with strong experience in key markets and share a common direction toward green mobility solutions.

Fishermen at Dong Tac fishing port in Phu Yen ward, Dak Lak province prepare to head back to sea after the storm (Photo: VNA)

Dak Lak reviews fishing vessel fleet, steps up fight against IUU fishing

Local authorities are focusing on managing registered fishing vessels and reviewing all records and data related to fishing, purchasing and processing seafood. Violations related to IUU fishing are being strictly handled under the principle of “facing the problem, not avoiding it”.

UK Ambassador to Vietnam Iain Frew addresses the event (Photo: nhandan.vn)

Vietnam, UK step up cooperation in derivatives commodity market development

The British Embassy in Vietnam and the British Consulate-General in Vietnam, in coordination with Boston Consulting Group (BCG), held a capacity-building session under the UK–Vietnam Growth Gateway initiative in Hanoi on March 5 to discuss strategies for developing a transparent and globally connected commodity and derivatives market.

The Quang Tri coastal road project, spanning nearly 55km, is among key projects with regional connectivity that play an important role in promoting socio-economic development in the central province of Quang Tri. The project is expected to be completed by the end of 2026.(Photo: VNA)

Public investment disbursement slow despite record capital scale

As of February 28, total disbursed capital reached 55.74 trillion VND, equivalent to 5.6% of the plan assigned by the Prime Minister. Of the figure, disbursement of the central budget was estimated at 10.18 trillion VND, or 2.9% of the plan, while that of local budgets totalled 45.56 trillion VND, reaching 7% of the target.