The Vietnamese economy is growing again on the back of a strong rise in exports, Wall Street Journal reported.
German’s DVZ e-newspaper has run a story by Claudius Semmann highlighting Vietnam’s success in controlling the COVID-19 pandemic and secure economic development, maintaining its bright outlook amid the global crisis.
In an era of protectionism where the jitters of COVID-19 are still being felt by many economies, Vietnam is soaring to become one of the prime locations for export manufacturers, said a recent article published on the Hong Kong-based global industry analysis firm Counterpoint.
Vietnam has been making good use of advantages of the international economic integration process, helping to increase the country’s exports by 22 percent year-on-year and imports by 26 percent in the first quarter of 2021, said Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade.
Vietnam’s economic growth in the first quarter is estimated at 4.48%, higher than the 3.68% posted in the first quarter of last year. However, there is still much to be done to reach the annual target of 6.5%, according to insiders.
The State budget revenue in the first quarter totalled 403.7 trillion VND (about 17.5 billion USD), equivalent to 30.1 percent of this year’s target and up 0.3 percent from a year earlier, the Ministry of Finance (MoF) said on March 29.
The World Bank (WB)'s latest update on East Asia and Pacific economies has highlighted the uneven recovery in the regional economies' growth, as countries are recovering from the impact of the COVID-19 pandemic.
Prime Minister Nguyen Xuan Phuc has asked relevant ministries, agencies and the southern province of Ba Ria – Vung Tau to develop the seaport and logistics system at Cai Mep – Thi Vai area to meet regional standards by 2030 towards becoming a world-class seaport hub in the world by 2045.
Vietnam exported 638,000 tonnes of rice worth 352 million USD in the first two months of 2021, down 31.4 percent in volume and 18.3 percent in value year-on-year.
The UK’s MoneyWeek news website has run a story highlighting that Vietnam is one of the most promising markets of Asia in a long time thanks to the country’s success in COVID-19 control.
Many international organizations have forecast robust economic recovery for Vietnam in 2021.
Vietnam’s economy will grow 6.5 percent each year over the course of the next 10 years as the Government diversifies export markets and improves infrastructure, according to market researchers Fitch Solutions.
Experts expect that consumer loans will resume in the second half of 2021, thereby boosting the overall credit growth.
Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung and Permanent Secretary for Foreign Affairs of Thailand Thani Thongphakdi exchanged views on cooperation between the two countries and ministries, along with regional and international issues of shared concern, during their online talks on February 24.
Da Lat, known as the city of flowers, is set to become a fresh flower export hub in Southeast Asia. The central highlands city aims to raise its annual flower export value far beyond the current 50 million US dollars to match its capacity of producing yearly 3.1 billion flower branches.
Prime Minister Nguyen Xuan Phuc has lauded Tuyen Quang’s achievements in recording highest forest coverage ratio among localities nationwide at 65 percent, suggesting the province to consider forestry as a major economic development orientation to escape from poverty.
The State Bank of Vietnam said it would be consistent with the goal of controlling inflation, maintaining macroeconomic stability, and improving the quality of monetary policy planning and administration.
Import-export activities were a highlight of Vietnam’s economy during the 2015-2020 period. In 2020, trade surplus reached 19.1 billion USD, marking the highest in five consecutive years recording trade surplus since 2016.
Prof. Pankaj Jha of O.P. Jindal Global University in Sonepat of India has lauded Vietnam’s economic development in recent years.
Reuters news agency analysed factors that can turn Vietnam into a sci-tech hub on an article published on February 1, which commented on the Communist Party of Vietnam (CPV)’s aim for the nation to realise comprehensive development in 2045.