A number of foreign experts have expressed their optimism that the Vietnamese economy will be able to bounce back following the second wave of the novel coronavirus (COVID-19), according to the latest article published by the Asia Times.

Taking samples of a Da Nang resident for COVID-19 testing

The article gives context by explaining that, with a population of over 97 million, the nation is generally densely populated and is not well equipped with modern medical facilities in order to cope with a pandemic. Despite these significant challenges, the Vietnamese Government has suitably deployed a range of comprehensive containment efforts to successfully defeat the COVID-19 pandemic.

“Vietnam’s COVID-19 figures are extremely low by global standards, particularly considering the country shares a land border with China, from where the virus originated”, the Asia Times’ article states.

According to Kenneth Atkinson, founder of the international accounting firm Grant Thornton and a dual citizen of both the UK and Vietnam, the latest outbreak of COVID-19 means that there will be an increased reluctance to open the borders, with this set to the biggest challenge moving forward.

“That’s what we really need in terms of getting the tourism and hospitality sector back on track, even though I don’t think we are going to see pre-COVID numbers until well into 2022 or beyond,” Atkinson added.

Furthermore, Atkinson states that with the EU-Vietnam free trade agreement recently coming into force, there will be an emphasis placed on greater foreign investment, with a number of European companies seeking to set up manufacturing operations in the country.

“Other companies will be moving their manufacturing away from China due to the ongoing US-China trade war”, he added.

Meanwhile, places such as Da Nang and Hoi An are to have some lockdown restrictions placed on them eased, with local authorities also permitting construction workers to go back to work on building sites in Da Nang.

Atkinson believes that people going back to work is a major sign that the central city is slowly but surely returning to normal.