“Legendary story”, “Rising star”, and “Asia’s brightest economy” count among the praise from international organisations in relation to Vietnam’s economic development over recent years.
Media reports in the Czech Republic have highlighted Vietnam’s rising position and recent development achievements, as well as the flourishing development of the traditional friendship between the two countries, on the occasion of the ongoing 13th National Congress of the Communist Party of Vietnam (CPV).
Thirty-five years after the launch of the renewal, Vietnam has, under the leadership of the Party, reaped comprehensive, great and important achievements.
Vietnam continues to be one of the fastest growing economies in the world, said David Jarkulisch, a diplomat from the Embassy of the Czech Republic in Hanoi.
Vietnam's growth accelerated to 4.5 percent in the last quarter of 2020, resulting in an annual growth rate of 2.9 percent - making it one of the fastest growing economies in the world, according to the World Bank (WB).
Domestic firms shipped over 1.37 billion medical face masks of various types abroad throughout 2020, according to statics compiled by the General Department of Vietnam Customs.
Vietnam among very few countries to post GDP growth rate of 2.5-3 percent, and the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement in 2020 when Vietnam assumes ASEAN Chairmanship are among the top 10 domestic economic events in the year. The following are the ten outstanding events as selected by the Vietnam News Agency.
Though COVID-19 has sent the global economy into one of its worst recessions ever, Vietnam posted GDP growth of 2.91 percent in 2020 thanks to its solid control of outbreaks and timely support to both enterprises and local people.
Vietnam’s diplomatic sector overcame numerous challenges throughout 2020 to create, grasp and optimise new cooperation opportunities, thus contributing to the country’s progress towards development, stated Deputy Prime Minister and Foreign Minister Pham Binh Minh.
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.
Foreign media view 2020 as a truly special year for Vietnam as the country has not only performed the dual role of ASEAN Chair and a non-permanent member of the UN Security Council (UNSC) but also done a good job of concurrently containing COVID-19 and sustaining economic growth.
The Sputnik news agency of Russia recently published an article that reviewed commentaries on Vietnam posted by Russian and other countries’ press outlets, reflecting Vietnam’s COVID-19 combat and achievements in different areas, especially diplomacy and economy.
The Japan Centre for Economic Research has predicted that Vietnam will become an upper-middle-income country in 2023, and its GDP will surpass that of China’s Taiwan in 2035.
Export revenue in 2020 is estimated to reach 267 billion USD while imports are to reach 260 billion USD, resulting in a trade surplus of some 7 billion USD. Experts said 2020 has been a tough year for all economic sectors, but foreign trade has been profitable.
Vietnam’s textile and garment exports is set to fall 15 percent to 34 billion USD this year, the first drop in 25 years, over Covid-19 impacts. With the Covid-19 situation remains serious in the U.S. and some European countries, exports to these markets will continue to face difficulties due to a shortage of orders, the Ministry of Industry and Trade said in a recent report.
Forestry exports is estimated to exceed 12.6 billion USD in 2020, according to the Ministry of Agriculture and Rural Development.
Bac Giang province has worked with the Plant Protection Department at the Ministry of Agriculture and Rural Development and exporting enterprises to prepare documents, conduct surveys, and issue codes for a planting area of 50 hectares of “thieu” litchi, for export to Japan.
Vietnam’s seafood exports in November increased 13% against the same period in 2019, according to the Vietnam Association of Seafood Exporters and Producers.
In 2020, despite adverse impacts from COVID-19 pandemic, Vietnam's cashew exports in the first 10 months of 2020 exceeded 422,000 tonnes, up 12% year-on-year.
The National Assembly recently passed a resolution on the socio-economic development plan for next year, with the majority of deputies agreeing with economic proposals tabled and the goal of recording GDP growth of about 6%. This is a reasonable growth rate, deputies said, and fully achievable.