Vietnam’s economy enjoys V-shaped recovery: Singapore paper

An auto production line of VinFast in Hai Phong (Photo: VNA)

Hanoi (VNA) – Vietnam and Singapore boast faster-than-expected “V” recovery compared to the rest of the ASEAN region, Singapore’s website propertyguru.com.sg cited a report by Maybank Kim Eng – the largest bank of Malaysia.

Maybank’s economists attributed the “V” recovery of the countries to generous government subsidies, low-interest rates, high household savings rate and work-from-home policies.

They noted that the only ASEAN-6 economy that escaped recession is Vietnam, as the country’s manufacturing purchasing managers’ index has risen significantly quicker and stronger than its ASEAN neighbours.

Exports and retail sales saw a brief contraction, and have since normalised. The strong pick-up in domestic business and transport activities resulted in a “V” recovery in freight transport.

Meanwhile, Singapore’s economy is driven by surges in property transactions and semiconductor production and exports./.