VIETNAM CHAMBER OF COMMERCE AND INDUSTRY
Liên Đoàn Thương Mại Và Công Nghiệp Việt Nam
Wed, May 26, 2021, 07:34:00
World economic experts have highly appreciated the speed of Viet Nam’s economic recovery in 2021, as the country’s import-export revenues have now surpassed pre-COVID-19 levels.
In its recent report, Maybank Kim Eng said that Viet Nam appears to be leading the economic recovery among the four emerging economies in ASEAN (Cambodia, Laos, Myanmar and Viet Nam), with the nation’s import-export turnover already far above pre-pandemic levels.
In 2020, Viet Nam successfully averted a recession reporting positive growth, with the whole-year export value expanding by 6.9 percent.
In the first four months of 2021, the country’s exports also rose by 29.6 percent year-on-year, with strong gains in machinery, computers and electronic items
Last month, the investment advisory site Viet Nam Briefing ran an article stating that Viet Nam has solidified its position as a safe and stable investment destination on the basis of favorable conditions for business activities of the nation, including its strategic location, political stability, abundant workforce, and relatively open environment for foreign direct investment (FDI), and especially the Government’s effective anti-pandemic strategies.
On the other hand, Viet Nam has created a concrete foundation for a stronger recovery in 2021, with the amendment of a series of important laws that helps to improve the business environment, alongside a network of free trade agreements (FTAs) with the United Kingdom, the European Union and the Regional Comprehensive Economic Partnership (RCEP) countries.
The International Monetary Fund (IMF) also forecast that Viet Nam’s economic growth would rebound to 6.7 percent this year, making the country remain the only one with positive growth among the five major economies in ASEAN.
According to the Times of India, Viet Nam meets nearly 90 percent of its medical equipment needs through imports. Meanwhile, its domestic market has about 50 manufacturers contributing less than 10 percent of the market share.
In addition, renewable energy is an area that attracts great attention from international investors. According to the World Economic Forum (WEF), Viet Nam is one of the factors contributing to 50 percent growth in this sector in 2020.
