Vietnam’s economy remains resilient despite COVID-19 challenges: ADB

Vietnam’s economy is expected to grow 1.8 percent in 2020 amid the COVID-19 pandemic and bounce back to 6.3 percent in 2021, according to a new report released by the Asian Development Bank (ADB) on September 15.
Vietnam’s economy remains resilient despite COVID-19 challenges: ADB ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam’s economy is expected to grow 1.8 percent in 2020amid the COVID-19 pandemic and bounce back to 6.3 percent in 2021, according toa new report released by the Asian Development Bank (ADB) on September 15.

The Asian Development Outlook(ADO) 2020 Update, ADB’sannual flagship economic publication, says Vietnam’s economy will benefit fromthe continued diversion of production from China to Vietnam, and the implementation of theEuropean Union – Vietnam free trade agreement.

According to ADB Country Director for Vietnam Andrew Jeffries, lower domesticconsumption and weak global demand caused by COVID-19 have hurt Vietnam’seconomy more than expected. But economic growth will be resilient in 2020, inlarge part due to the government’s success in controlling the spread ofCOVID-19.

Economic growth will be supported by the country’s macroeconomic stability,increased public spending, and ongoing reforms to improve the businessenvironment, he added.

ADO 2020 Update says Vietnam’seconomic outlook over the medium and long term remains positive. The country’s participationin a large number of bilateral and multilateral trade agreements will help thecountry’s economic rebound.

Vietnam will also likely benefit from the current shifting of supplychains to low-cost countries, it says.  

However, a prolonged global COVID-19 pandemic remains the biggest risk to Vietnam’sgrowth outlook this year and next year, it notes, adding that another threat isglobal trade tensions, which lead to rising trade protection and financialrisks that could be exacerbated by a prolonged pandemic./. 
VNA

See more

Illustrative image (Photo: VNA)

Ministry responds to escalating global trade tensions

Amidst the complicated developments in the global market, the MoIT has directed foreign market departments and Vietnam’s trade offices abroad to closely monitor market trends, as well as economic, political, and policy changes in the region and the world that could impact trade with Vietnam.

The Vietnamese online shopping and food delivery sector used about 160,000 cardboard boxes and 171,000 tonnes of plastic, mainly single-use plastic, in 2024. (Photo: vneconomy.vn)

Ministry proposes developing green e-commerce law

The MoIT's draft proposal to develop the Law on E-commerce will be included in the National Assembly's law and ordinance development programme in 2025 and will be presented to the NA for consideration and comments in October 2025, before being approved at a NA meeting in May 2026.

In 2025, Goertek will invest in a new project and bring more experts and new technology equipment to Vietnam. (Photo: Goertek)

Vietnam expects big FDI wave in 2025

More than 4.33 billion USD in foreign investment was registered in Vietnam in January, an increase of 48.6% compared to the same period last year.

The Lao Bao border gate, Huong Hoa district, Quang Tri province. (Photo: VNA)

Nearly 200 projects registered in Quang Tri's IPs

Two economic zones and two industrial parks in the central province of Quang Tri have so far attracted nearly 200 investment projects, with a total registered capital exceeding 172.4 trillion VND (6.78 billion USD) and a planned land use of over 5,978ha.