Vietnam’s full-year growth expected at 3% in 2020: Standard Chartered

Standard Chartered expects Vietnam’s economy to grow by 3 per cent in 2020 and surge to 7.8 per cent in 2021. 

Rising consumption on improving sentiment, and faster manufacturing will drive growth in the last quarter of this year.

The forecast is highlighted in Standard Chartered’s recently published Global Research report entitled “Vietnam – Q3 disruption, but recovery remains intact”.

 

Vietnam is one of the few Asian economies to have registered positive growth so far this year, despite the second wave of infections. Improving services growth and infrastructure investment should help Vietnam outperform the rest of Asia, it said.

According to the latest macroeconomic report on Vietnam, a likely improvement in external demand in the fourth quarter should support manufacturing growth, forecast at roughly 7.3 per cent in full-year 2020. Both exports and imports are expected to increase as a result. Trade is likely to remain in surplus for the rest of 2020 as exports and imports move in tandem.

The study also forecasts that the State Bank of Vietnam (SBV) will remain accommodative in the near term to support growth./.VNA

 
 

Other News

.
Vietnam remains world’s largest producer, exporter of cashew nuts
Vietnam remains world’s largest producer, exporter of cashew nuts
BUSINESSicon  26/11/2020 

Vietnam has maintained its position as the world’s largest producer and exporter of cashew nuts in 2020, exporting an estimated 450,000 tonnes of cashew kernels worth 3.2 billion USD, according to the Vietnam Cashew Association (Vinacas).

Investors interested in LNG projects in Van Phong EZ
Investors interested in LNG projects in Van Phong EZ
BUSINESSicon  26/11/2020 

Many foreign and domestic companies are keen on building multibillion-dollar liquefied natural gas power and storage plants in the central province of Khanh Hoa.

Tens of thousands of hotel, bank workers at risk of losing jobs
Tens of thousands of hotel, bank workers at risk of losing jobs
FEATUREicon  26/11/2020 

The rapid development of technology is a threat to workers, as robots can now replace many hotel and bank officers.

E-commerce M&A activities ready to take centre stage
E-commerce M&A activities ready to take centre stage
BUSINESSicon  25/11/2020 

As brick and mortar shopping falls in popularity during the pandemic, online shopping platforms took have increased presence among Vietnamese consumers. 

Reasons that make Vietnam's real estate market appealing
Reasons that make Vietnam's real estate market appealing
BUSINESSicon  26/11/2020 

Economic and political reasons are major factors that make Vietnam a bright market.

Realty stocks are attractive: experts
Realty stocks are attractive: experts
BUSINESSicon  25/11/2020 

Though difficulties caused by COVID-19 were reflected in the business results of listed realty firms, experts are still optimistic about the market. ​

To take full advantage of free trade agreements
To take full advantage of free trade agreements
BUSINESSicon  26/11/2020 

To maximize the advantage of export opportunities from free trade agreements (FTAs), enterprises cannot but take into account the criteria for sustainable development.

Banks to deduct tax payments from clients’ accounts
Banks to deduct tax payments from clients’ accounts
BUSINESSicon  25/11/2020 

Banks will be able to deduct the tax payments of suppliers based in foreign countries—that conduct e-commerce or digital transactions with organizations and individuals in Vietnam—from their bank accounts,

Vietnamese farmers sell farm produce via smartphones
Vietnamese farmers sell farm produce via smartphones
FEATUREicon  25/11/2020 

An eel farm of an older man brings turnover of nearly VND10 billion a year, and 99 percent orders are online. Another farmer sold 26 tons of rambutan by contract after putting goods on online sale.

Aviation industry awaits new bigger bailout
Aviation industry awaits new bigger bailout
FEATUREicon  25/11/2020 

Private airlines including Vietjet Air and Bamboo Airways struggling to survive are looking forward for a new support package to maintain their operations.

Black Friday: World under Covid-19 bans, but Vietnamese excited
Black Friday: World under Covid-19 bans, but Vietnamese excited
BUSINESSicon  24/11/2020 

Around the world, Black Friday this year may be very dim because of Covid-19 pandemic. But in Vietnam, people are enjoying the safety of a "new normal", squeezing together to buy discounted goods at shopping malls.

Tax duties closing in for digital services
Tax duties closing in for digital services
BUSINESSicon  26/11/2020 

Vietnam’s ability to charge taxes from cross-border platforms may soon improve thanks to the Organisation for Economic Co-operation and Development’s new tax rules, focusing on expanding the country’s taxing rights  under international laws.

Vietnamese industrial market update – Rise of coastal industrial zones
Vietnamese industrial market update – Rise of coastal industrial zones
BUSINESSicon  24/11/2020 

The demand for industrial property at coastal regions is high, but the supply of industrial land ready to hand over in industrial zones in both regions was scarce.

Improved business environment is the key to FDI not tax and land incentives
Improved business environment is the key to FDI not tax and land incentives
BUSINESSicon  25/11/2020 

ASEAN countries need to choose between recovery based on wasteful competition for investment or coordination, cooperation, and joint hands to generate sustainable tax revenue to spend on health, education,

FDI possible in digital cross-border services
FDI possible in digital cross-border services
BUSINESSicon  24/11/2020 

With regional nations racing to lower their taxes in order to woo more investment, which may dent their coffers, creating feasible policies for collecting taxes is expected to help reach their goals of attracting more high-quality funding.

RCEP will not worsen trade deficit: ministry
RCEP will not worsen trade deficit: ministry
BUSINESSicon  24/11/2020 

The Regional Comprehensive Economic Partnership (RCEP) would not worsen the trade deficit Vietnam was running with signatory markets, according to the Ministry of Industry and Trade.

HCM City hopes to attract investment by allotting more lands in IPs, EPZs for infrastructure
HCM City hopes to attract investment by allotting more lands in IPs, EPZs for infrastructure
BUSINESSicon  24/11/2020 

HCM City authorities plan to offer competitive land rents and other incentives at industrial parks (IPs) and export processing zones (EPZs), and earmark more lands for building infrastructure to attract investment.

HCM City seeks ideas for underground space planning through international competitions
HCM City seeks ideas for underground space planning through international competitions
BUSINESSicon  24/11/2020 

The HCM City Department of Planning and Architecture has reported to the city People’s Committee on underground space planning and underground space management regulations.

RCEP will not make the trade deficit with China worse: MOIT
RCEP will not make the trade deficit with China worse: MOIT
FEATUREicon  24/11/2020 

Worries have been raised that RCEP will lead to a higher trade deficit with partners, especially China. But the Ministry of Industry and Trade (MOIT) doesn’t think so.

Lofty goals achievable through stable regulations
Lofty goals achievable through stable regulations
BUSINESSicon  25/11/2020 

The Ministry of Planning and Investment aims to have 15 Vietnamese private companies with market capitalisation of over $1 billion each by 2025, with that target increasing to 20 by 2030.

 
 
 
Leave your comment on an article

OR QUICK LOGIN