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This is the comment by Sven Heckle in an article praising the achievements of the pandemic as well as the bright economic prospects of Vietnam, posted on the German securities website boerse-online.de on July 7.
According to the author, Vietnam has overcome the COVID-19 crisis dramatically that creates favorable conditions to boost growth impetus for the economy. The total number of COVID-19 cases in Vietnam so far is only about 350 cases out of a total of 97 million people and even no deaths recorded.
Sharing a long border with China, from the beginning of 2020, the Government of Vietnam has taken measures to prevent the COVID-19 pandemic when there were no cases of the disease in the country. When the first case appeared, Vietnam quickly used the experience accumulated from previous SARS to fight COVID-19. The Vietnamese government closed schools, sealed off infected areas as well as air traffic.
The rapid action has brought success and the social spread has been completely removed since May. Thanks to a partial blockade and in a relatively short time, the impact on the economy is limited as factories, under strict hygiene and safety conditions, continue to operate. However, some areas also had noticeable impacts. Tourism, for example, saw a decrease of tourists by 40% in the first 4 months of 2020 compared to the same period in 2019.
JP Morgan, according to the article, forecasted that Vietnam's growth this year would reach about 3.2% and increase sharply to 7.1% next year. This figure is equivalent to the judgment of the International Monetary Fund (IMF), which estimates that Vietnam's growth will be about 7% in 2021.
The author also assessed that the medium and long-term prospects of the Vietnamese economy are still on track, mostly attributed to the high level of foreign direct investment. Ever since Samsung, a Korean electronics company opened its first smartphone factory in Vietnam in 2014, the Southeast Asian country has witnessed a steady stream of foreign investment.
Meanwhile, multinational technology companies such as Apple have stepped up their plans to relocate and expand production to Vietnam, not including the incentives brought to the economy in the coming time from the Free Trade Agreement between Vietnam and the European Union - Vietnam's second-largest export market after the US.
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