Strong response to the Covid-19 pandemic, surging exports and healthy public spending have helped Viet Nam buck a global recession in 2020 and fast-track its recovery, according to the recent article released by the AFP. 

Analysts predict it will likely enjoy one of the highest growth rates in the world, the article highlights. 

There were grave fears for Viet Nam's export-reliant economy as demand for clothing, footwear and smartphones slumped in some of its biggest markets including the European Union, Japan and the Republic of Korea.

“But it turned out that exports still helped promote growth this year” Nguyen Xuan Thanh, a public policy lecturer at Fulbright University Viet Nam told the AFP, adding "That's because Viet Nam has a very diversified export market - it's not dependent on any single export destination."

Regarding Viet Nam’s trade activities with the two largest trade partners, the AFP stressed that shipments to China grew more than 15% on-year in the first nine months while the country's exports to the U.S. rose by about a quarter to US$54.7 billion in the first nine months of the year.

While it will fall short of its target of 6.8% growth this year, the economy is expected to expand 2.4%, which the International Monetary Fund said would be among the best in the world.

As of late December 15, Viet Nam confirmed 1,405 Covid-19 infection cases, 1,252 of whom have recovered and exited hospitals. The fatalities remain at 35.

The nation has gone 14 days in a row without recording new Covid-19 community infection case.