German newswire: Vietnam upbeat about economic recovery
Germany’s DW newswire recently ran an article saying that Vietnam still aims for an economic growth of 5 percent this year despite global economic crisis and likely recession in some of its neighbouring countries.
Berlin (VNA) – Germany’s DW newswire recently ran an article saying thatVietnam still aims for an economic growth of 5 percent this year despite globaleconomic crisis and likely recession in some of its neighbouring countries.
It said the ambitious goal was announced by Vietnamese Prime Minister NguyenXuan Phuc during a recent online conference with thousands of local and foreignbusiness representatives taking part.
The target is significantly higher than the prediction of the InternationalMonetary Fund (IMF), which announced that it is expecting Vietnam's grossdomestic product (GDP) to grow 2.7 percent. Even that prediction puts Vietnamahead of its neighbours and ensures that the country will continue to beSoutheast Asia's fastest growing economy. The forecast growth rate, however, isin stark contrast with the 7 percent expansion of 2019.
By May 23, Vietnam had recorded 324 COVID-19 infections and zero death. Thecountry hasn't seen new communuity infections in weeks. All recent infectionshave been imported cases of Vietnamese who were repatriated from countries thatsuffer from much severe outbreaks of the virus.
Experts believe that Vietnam was able to contain the virus because it actedquickly and decisively. The country decided to close schools, shut down bordersand suspend international travel much earlier than other nations. It also setup quarantine camps, where tens of thousands of travellers arriving fromoverseas were quarantined for 14 days.
Vietnam receives praise from all over the world for how it has handled theoutbreak. With the economy restarting, the country hopes to use this newlygained trust to attract more foreign investors and businesses, it said.
Adam McCarty, the chief economist of research and consultancy firm MekongEconomics, said Vietnam has shown the world that it can manage a complex threatas the coronavirus health crisis.
"They're showing that th🐟ey can handle it much better than most Europeancountries and the US. That's a signal to foreign investors and to foreigngovernments෴", he said./.
Vietnam’s gross domestic product (GDP) is forecast to expand 7 percent during 2021-2025 on the back of new-generation free trade agreements, according to the Ministry of Planning and Investment’s National Centre for Socio-Economic Information and Forecast (NCEIF).
Experts have forecast that 'GDP may reach 6.82% for the whole year, with an estimated export turnover growth of 8.02%, a trade surplus of 0.8 billion USD and average inflation of 3.38%.
Vietnam has been hit hard by the current novel coronavirus pandemic (COVID-19), but it will show signs of recovery in the post-coronavirus period, the World Bank said in its Vietnam Macro Monitoring report for May.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Photo: VNA) 
