The coronavirus pandemic could cost the global economy between 5.8 trillion USD and 8.8 trillion USD
It comes as measures to slow the spread of COVID-19 continue to paralyse economic activity around the world.
As a highly open economy, Vietnam is not an exception.
The country’s economy expanded just 3.82 percent in Q1, the lowest in 10 years.
Vietnam will grow between 1.5-4.9 percent in 2020, lower than the 6.8 percent set target: WB
The economy will expand to only 2.7 percent this year: IMF.
Thanks to early actions, the national emerging economy has responded well to the pandemic.
Twin goals:
Fighting the epidemic to protect people’s health
Maintaining economic stability to be ready to make breakthroughs when the epidemic subsides.
Vu Tien Loc - Chairman
Vietnam Chamber of Commerce and Industry
Time is of the essence, however, and we should quickly restart production and business activities to create wealth and take advantage of market opportunities.
With 27 days in a row without new infections in the community by May 13, Vietnam has basically kept the pandemic under control, gradually lifting restrictions and reopening the domestic market.
Alison Astarita - General Director
Gentherm Vietnam Company Limited
We did manage to resolve the issue. So I am happy to see how the local government stands side by side with both the enterprise and also the workforce.
William P. Badger - Headmaster
Concordia International School, Hanoi
For me that makes me feel as an individual living here and a business person a lot of confidence in Vietnam’s ability to handle this situation.
Regardless of the pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia, according to international organisations.
Vietnam’s economic growth will decline to 4.8 percent in 2020 but bounce back to 6.8 percent in 2021, provided the pandemic is contained: ADB
The economy may prosper again after social distancing measures were eased nationwide on April 23: WB
New agreements, including the EVFTA and EVIPA, are hoped to offer a golden chance for Vietnam to elevate its position on the global trade map, especially in the context of the worldwide COVID-19 crisis.
Vietnam’s early efforts to weather COVID-19 storm have helped its economy reopen much sooner than others, with many sectors such as tourism, now recovering with poise.
“Vietnamese People Travel in Vietnam’ campaign,
“Safe Vietnam Tourism’ programme,
and a domestic tourism stimulus package,
are being implemented
with the cooperation of localities, transport and travel companies.
I hope that not only my family but also others will support Vietnam’s tourism industry by traveling a great deal this year and making up for the last few months being isolated at home.
Nguyen Trung Khanh - General Director
Vietnam National Administration of Tourism
This is a very important time for many localities, businesses, and service providers, so pricing policies are quite reasonable and quality has been maintained and guaranteed.
With strong determination and joining hands of the whole political system, Vietnam is promised to achieve the target of 5 percent GDP growth rate in 2020, remaining a safe investment destination after the COVID-19 pandemic is pushed back./.
