Vietnam's economy to grow Despite the challenges of the COVID-19 pandemic, Vietnam’s economy has remained resilient, expanding by 2.9 percent in 2020—one of the highest growth rates in the world—and growth is projected to be 6.5 percent in 2021, thanks to strong economic fundamentals, decisive containment measures and well-targeted government support, according to the IMF’s latest … $605.7 billion (2016 est.) Read more September 13, 2021 | 20:38. Economic growth is mainly driven by natural resource exploitation 2020 is a tough year for Vietnam, yet the economy has reaped remarkable achievements. Posted on June 25, 2021. The forecast is based on the following key assumptions: 2021 started off on strong footing with most monthly indicators showing solid improvements. Vietnam. $570.3 billion (2015 est.) September 29, 2021. 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, the experts believed. Corporate Platinum Partners NDO – Vietnam’s economic growth is expected to rebound to 6.7% this year despite the recent resurgence of COVID-19, and then rise to 7.0% in 2022, according to a new report from the Asian Development Bank (ADB). Given what has transpired in Vietnam in relation to Covid since then, some economists now are suggesting GDP growth of more like 5.5% for 2021. Economy | Forecast | External sector | July 30th 2021. COVID-19 hit all socio-economic sectors throughout Vietnam. Growth is expected to accelerate in 2021 and Vietnam is leading this recovery ahead of comparable economies. GDP (purchasing power parity): $643.9 billion (2017 est.) In the baseline scenario, we revised down Vietnam’s 2021 GDP growth to 3.9 per cent from a previous forecast of 5.0-5.5 per cent," the brokerage said. Vietnam’s economy remains on track to meet the government’s goal for the year, with officials bracing for a resurgence of demand that … November 24, 2021. Standard Chartered Bank forecasts that Vietnam’s GDP growth will accelerate to 6.7 percent in 2021 (the bank forecast a 7.8 percent growth before the new outbreak of the pandemic) and 7.3 percent in 2022. Vietnam has demonstrated a commitment to sustainable growth over the last several years, but despite the recent speed-up in economic growth the government remains cautious about the risk of external shocks. Export-oriented manufacturing will continue to be the most important engine of economic growth. According to the IMF, Vietnam can achieve a growth rate of 6.5% this year thanks to its solid foundation as well as the government’s aggressive economic and healthcare measures. Vietnam Economic Outlook. Looking ahead, Vietnam's prospects appear positive as the economy is projected to grow by about 6.8 percent in 2021 and, thereafter, stabilize at around 6.5 percent, said the bank. The Ministry of Industry and Trade of Vietnam (MOIT) released the draft proposal for the national power development plan for the period of 2021-2030 on 22 February 2021. Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy, pointed out three fulcrums for Vietnam’s economic recovery, firstly production and export. The dual economy model in Vietnam, while showing some initial success, has caused significant issues (Dapice, 2003; Pincus, 2016). Vietnam’s unemployment rate is projected to fall from 3.3% in 2020 to 2.7% in 2021 and down to 2.4% in 2022. 2020 was a remarkably difficult year. The EIU revises its GDP data source for Vietnam. As a result, we revised downward our 2021 growth expectations for key emerging Southeast Asian economies in August. Fiscal and Monetary Measures Taken to Support The Economy of Vietnam Economic growth is mainly driven by natural resource exploitation Vietnam GDP Growth Rate. Vietnam is a developing economy in the Southeast Asia. In recent years, the nation has been rising as a leading agricultural exporter and an attractive foreign investment destination. Vietnam's key products are: rice, cashew nuts, black pepper, coffee, tea, fishery products and rubber. Vietnam’s GDP is set to expand 6.5% in 2021, higher than the global average of 6%, and then rebound to 7.2% next year, according to the International Monetary Fund (IMF) in its latest World Economic Outlook report. The country was seen to have weathered the global financial crisis well with encouraging macro-economic indicators observed in 2009 and 2010. Vietnam was one of the most resilient economies in the Asia-Pacific region to the shockwaves from the global Covid-19 pandemic during 2020. There is a saying that it is always darkest before the dawn. Global economy is on a gradual recovery path; COVID-19 crisis leaves permanent loss of supply potential BRUNEI ECONOMIC OUTLOOK 2021. November 1, 2021 by vietnamesestockmarket. Vietnam managed to maintain stable macro-economy and control COVID-19 pandemic effectively (Illustrative image. According to the IMF’s “World Economic Outlook” report, Asia’s economic growth this year is predicted to stand at about 6.5%, […] Powell says COVID variant clouds inflation, economic outlook. In the third quarter of 2020, GDP growth moderated to 0.5 percent year-on … To achieve this goal, it needs to ñ ûi improve the quality of market-economy institutions and govern-ance ûii develop human capital, science, Brunei’s economy slowed in 2020 due to weak external demand, low commodity prices, and the impact of domestic containment measures. VNA. Standard Chartered is bullish on Vietnam's economic outlook for 2021 and 2022. COVID-19 hit all socio-economic sectors throughout Vietnam. Vietnam's economy has shown a remarkable resilience to external shocks in 2020. A swine flu pandemic has put upward pressure on prices, but Vietnam’s strong currency and low oil prices help to keep inflation at a manageable level. A rebounding economy and a new trade deal are reasons why the outlook for Vietnam is positive despite the coronavirus pandemic, said Edward Teather of UBS Research. The economy will recover swiftly in 2022, following the lifting of most coronavirus-related restrictions from late 2021. While the medium-term outlook is broadly favorable, the economy faces significant risks due to adverse impacts of COVID-19 outbreaks, further weakening of external demand, and incomplete structural reforms. At the launch of the Asian Development Outlook (ADO) report. Vietnam’s bright economic outlook in 2021. Powell says COVID variant clouds inflation, economic outlook. In particular, January industrial production growth picked up to 22.2% YoY from 9.5% in December. This Update projects the regional economy to expand at a slower rate than forecast in Asian Development Outlook 2021 in April. Vietnam’s bright economic outlook in 2021. Industrial output fell 8.1% year-on-year in September, easing from August’s 9.5% decline. The Thai economy shrank by 2.6% year on year in the first quarter as private consumption and service exports continued to fall. Therefore, while the Vietnamese consumer remains a driver of FDI, it is possible that the routes foreign firms need to take to reach the … Friday, 15:56, 01/01/2021 Experts have been optimistic about Vietnam’s economic growth in 2021 based on the latest situation, as well as the sound decisions and policies adopted by the Party and Government. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization. Vietnam’s real GDP contracted by 6.2% y-o-y in Q321, its steepest y-o-y contraction since the country began releasing quarterly data in 2000, taking growth for the first three quarters of 2021 to 1.4% y-o-y. The outbreak of Delta variant of the coronavirus will drag Vietnamese economy this year, with World Bank slashing its growth projection by two percentage points. Vietnam’s benchmark VN-Index is expected to fluctuate in a range of 1,380-1,480 points in November, boosted by higher vaccination coverage, recovery of the economy and stimulus packages. Experts have been optimistic about Vietnam’s economic growth in 2021. HANOI, Aug. 9 (Xinhua) -- Eyeing a 6.5-percent gross domestic product (GDP) growth in 2021, with less than five months to go, Vietnam has yet to overcome its worst wave of COVID-19 infections so far. Structurally, Vietnam’s economy is inefficient and highly dependent on industry and manufacturing. In Q1 2021, that has been a boon – the value of the nation’s exports surging by 22% to US$77.34 billion, creating a US$2.3 billion trade surplus into the bargain. This blog post will focus more on the overview of the Vietnam economy over the last couple of decades which approximately matches the time frame of the history of the Vietnam stock market. September 29, 2021. Nguyen Dieu Tu Uyen; 7:49 AM IST, 29 Sep 2021 3:52 PM IST, 29 Sep 2021 7:49 AM IST, 29 Sep 2021 3:52 PM IST, 29 Sep 2021. 2. Viet Nam’s growth forecast is revised down to 5.8% from 6.7%. VNA. Looking forward, IMARC Group expects the Vietnam pangasius market to exhibit stable growth during 2021-2026.
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