The pandemic and Industry 4.0 have opened up new directions for Vietnam’s economy, while digital transformation could be the key to unlocking and recovering the economy.
Vietnam’s economy has undergone a lot of changes during one year since the first case of COVID-19 was detected in the country in January, 2020,
Twelve large ecosystems will be established across retail and institutional services in Vietnam by 2025, constituting a revenue pool of about 2.4 trillion VND (100 billion USD).
Experts have suggested Vietnamese enterprises improve product quality standards to overcome barriers imposed by the fastidious yet promising EU market, thus optimising the advantages to be generated from the EU-Vietnam Free Trade Agreement (EVFTA).
The EU-Vietnam Free Trade Agreement (EVFTA), to take effect shortly, is expected to make up for some of the losses Vietnam’s economy incurred during the COVID-19 pandemic, according to insiders.
The Government should take the initiative in building short- and long-term scenarios for socioeconomic development and review major targets of the economy for 2020 and 2016-2020, which will be the basis for adjusting targets,
The COVID-19 pandemic has had a serious impact on Vietnam’s economy but it’s also believed to create the conditions to attract more FDI as there have been signs of a switch in capital flows away from China and to ASEAN member countries.
Though Vietnam’s economy will suffer in the short term from coronavirus, the country’s drive to integrate into the global economy will continue to create plenty of new opportunities for trade and investment in the long run.
VOV.VN - Vietnam will be able to maintain its high GDP growth if it can negotiate effective trade agreements, especially new-generation free trade agreements.
Vietnam’s economy remains positive despite the slowdown in global economic growth, especially in Asia, over the last 11 months, Prime Minister Nguyen Xuan Phuc said while chairing the Government’s regular meeting for November on December 2.