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German media shine spotlight on prospects of Vietnamese market

April 01, 2021 | 09:59

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.

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According to Transport Intelligence data, around 40% of Vietnam's exports go to the US and the EU. (Photo: VNA)

E-newspaper DVZ of Germany has published a story by Claudius Semmann which details Vietnamese success in containing the spread of the novel coronavirus (COVID-19) pandemic, whilst simultaneously maintaining its bright outlook amid the ongoing impact of the global crisis.

The nation has proved to be very successful in responding to the threat of the pandemic and has already witnessed rapid development to become a popular production base. By the end of 2020, the country with a population of just under 100 million people had only reported 1,465 confirmed COVID-19 cases and 35 deaths, the article states.

The DVZ piece cites data released by the International Monetary Fund (IMF) which indicates that the economy grew by 2.9%, one of the highest rates in the world. However, this represents its lowest growth over the past three decades, according to the report on the Agility Emerging Markets Logistics Index. Indeed, whilst domestic activity had recovered first, there was also a robust growth in local exports, especially in terms of the high-tech area, VOV cited.

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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. (Photo: DVZ)

According to the Transport Intelligence (TI) market researchers, Vietnam benefits from the free trade agreements with the EU and the UK as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which have provided Vietnamese goods with better access to the Canadian and Mexican markets. Both before and during the pandemic, the country attracted investments, including those from manufacturers who wanted to relocate their production from pandemic-hit areas.

In recent years, Vietnam has moved the value chain from textiles and clothing to microchips, smartphones, and other electronics. Apple and its suppliers Foxconn and Pegatron as well as Panasonic were among the companies that started manufacturing in Vietnam, expanded production, or announced new production plans there in 2021, it said.

According to TI data, around 40% of exports go to the US and the EU. It pointed out that Vietnam may face problems in infrastructure systems such as roads and ports, according to Nhan Dan.

The article also cites current analysis from the international credit insurer Atradius which indicates that the nation is one of the markets in which German exporters regard has good prospects for generating additional sales in the second year of COVID-19, Vietnam Plus reported.

According to the piece, various companies in the transport, logistics, and textiles sectors will benefit from growing global demand. Domestically, agriculture, construction, and infrastructure, as well as retail and manufacturers of durable consumer goods, will benefit from increasing domestic demand.

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