Update news Vietnamese economy
With a vibrant economic climate, Vietnam remains a strong candidate for investment from the Association of Southeast Asian Nations (ASEAN) and beyond, according to the Vietnam Briefing newswire.
The Central Institute for Economic Management (CIEM) has revised two scenarios for the Vietnamese economy by the end of the year, with the GDP rate forecast to expand by 5.9% and 6.2%, respectively.
When HCM City went into lockdown under Government Directive 16 on July 9, many businesses and manufacturers prepared plans to set up temporary accommodations for their workers to avoid the spread of coronavirus and maintain production.
Leading economic experts forecast an optimistic growth outlook for Vietnam in 2021 despite the COVID-19 pandemic.
The Vietnamese economy could grow by about 6-6.3 percent in 2021, said chief economist Pham The Anh from the Vietnam Institute for Economic and Policy Research (VEPR)
Many forecasts have outlined the nation’s economic growth in the year ahead, with a reputable UK bank forecasting that the Vietnamese economy is likely to reach a growth rate of 7.8%, while ADB has predicted it will reach a figure of 6.3%.
The US independent management consultancy Asia Perspective has published a report on the Vietnamese economy, which highlighted that in the fourth quarter of 2020, Vietnam posted rapid growth thanks to the recovery of manufacturing.
The Vietnamese economy has remained extremely resilient throughout the year despite the adverse impact of COVID-19 pandemic, with import-export activities witnessing a gradual bounce back, according to insiders.
Many enterprises are now mapping out short-term business strategies of up to three years, given growing global uncertainties.
More foreign participation is forecast in Vietnam’s construction market over the coming years, buoyed by the gradual opening up of the Vietnamese economy to foreign investors and the Government’s emphasis on infrastructure development.
Vietnam’s gross domestic product (GDP) increased 1.81 percent during the first six months of 2020, the lowest first-half growth pace since 2011, according to the General Statistics Office (GSO).
Vietnam’s GDP growth rate of 3.82 percent in the first quarter of 2020, a record low since 2011, is still a miracle amidst a global economic recession, an official has said.