Vietnam – economic bright spot in 2020

Vietnam has emerged as an economic bright spot with a growth rate of 2.91 percent in 2020, which is attributable to the country’s efforts in containing COVID-19 and timely support policies to people and businesses, international organisations said.

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 The International Monetary Fund (IMF) predicted that Vietnam’s economy will strongly recover in 2021, reaching macro stability across spheres, from growth to current account deficit and employment.

 In July, the IMF said transparency is a very important factor in Vietnam’s success, and the multi-media approach has consolidated the people’s trust and ensured that the whole society abide by pandemic control measures.

 In its World Economic League Table 2021, the Centre for Economics and Business Research said Vietnam’s economy is expected to move to the 19th position in 2035.

 The country’s annual rate of GDP growth is forecast to pick up to an average of 7 percent between 2021 and 2025.

 In an article titled “A new study shows emerging economies are catching up,” The Economist of the UK said “the most successful club spans all today’s advanced economies as well as 16 emerging markets, such as China, India, Malaysia, Thailand and Vietnam.”

 The UK-based BBC News said Vietnam has minimised the economic damage from COVID-19 and is the only country in South East Asia on track for growth in 2020.

 

VNA