Vietnam’s economy is expected to grow 1.8 percent in 2020 amid the COVID-19 pandemic and bounce back to 6.3 percent in 2021, according to a new report released by the Asian Development Bank (ADB) on September 15.
Hanoi (VNA) – Vietnam’s economy is expected to grow 1.8 percent in 2020amid the COVID-19 pandemic and bounce back to 6.3 percent in 2021, according toa new report released by the Asian Development Bank (ADB) on September 15.
The Asian Development Outlook(ADO) 2020 Update, ADB’sannual flagship economic publication, says Vietnam’s economy will benefit fromthe continued diversion of production from China to Vietnam, and the implementation of theEuropean Union – Vietnam free trade agreement.
According to ADB Country Director for Vietnam Andrew Jeffries, lower domesticconsumption and weak global demand caused by COVID-19 have hurt Vietnam’seconomy more than expected. But economic growth will be resilient in 2020, inlarge part due to the government’s success in controlling the spread ofCOVID-19.
Economic growth will be supported by the country’s macroeconomic stability,increased public spending, and ongoing reforms to improve the businessenvironment, he added.
ADO 2020 Update says Vietnam’seconomic outlook over the medium and long term remains positive. The country’s participationin a large number of bilateral and multilateral trade agreements will help thecountry’s economic rebound.
Vietnam will also likely benefit from the current shifting of supplychains to low-cost countries, it says.
However, a prolonged global COVID-19 pandemic remains the biggest risk to Vietnam’sgrowth outlook this year and next year, it notes, adding that another threat isglobal trade tensions, which lead to rising trade protection and financialrisks that could be exacerbated by a prolonged pandemic./.
For the first time on August 25, Australia announced its agriculture strategy in Vietnam, identifying economy, innovation and security as priorities in the agriculture cooperation between the two countries.
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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.
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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.
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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.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Photo: VNA) 
