Japanese journal: Vietnam to represent bright spot in global economy in 2021

Many forecasts have outlined the nation’s economic growth in the year ahead, with a reputable UK bank forecasting that the Vietnamese economy is likely to reach a growth rate of 7.8%, while the Asian Development Bank (ADB) has predicted it will reach a figure of 6.3%.
February 23, 2021 | 15:25
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Japanese journal: Vietnam to represent bright spot in global economy in 2021

This comment was made in an article by Dr. Bui Hung, a VOV correspondent based in Tokyo, which was recently published in Japan’s journal Security Anpo, January edition.

The article is titled "Overcoming the COVID-19 pandemic, the Vietnamese economy has seen favorable development" and has gone on to capture the attention of Japanese readers.

Initially, the article stated that the novel coronavirus (COVID-19) pandemic is having a terrible impact on the socio-economic development of numerous countries globally, with many of them suffering negative economic growth. Despite these challenges, the Vietnamese economy recorded stellar growth of 2.91% last year and is forecast to continue to maintain the growth momentum at a high level in the year ahead, thereby becoming a bright spot of the world economy.

The author provides three main reasons for Vietnamese success against the pandemic. This includes absolute confidence in the direction of the Vietnamese Government, strictly complying with the requirements and instructions regarding COVID-19 prevention measures, along with the entire population's unity and full awareness of the dangers of the pandemic.

Through success in containing the pandemic, the country has adopted a range of effective policies and measures aimed at boosting economic recovery and growth.

The author provides evidence which indicates that when it comes to the Vietnamese economy in 2020, Prime Minister Nguyen Xuan Phuc emphasised that last year saw the local macro-economy remained stable, in addition to recording low inflation, steady growth, and an improved economic balance.

Although investment and trade were adversely impacted by the COVID-19 pandemic, through the implementation of economic policies and promoting the internal strength of the entire population, economic growth was achieved.

Furthermore, Vietnamese trading activities last year recorded important results, with exports enjoying positive growth and reaching US$26.7 billion in turnover, a rise of 1% compared to 2019, thereby recording the highest figure ever.

On November 15, 2020, ASEAN member states, including Vietnam, alongside five partners- Japan, China, the Republic of Korea, Australia, and New Zealand, signed the Regional Comprehensive Economic Partnership (RCEF). This agreement is expected to promote the formation of global supply chains as a means of contributing to the economic development of member countries, including the nation.

Previously, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) were also signed, thereby demonstrating Vietnamese determination to meet its international commitments. Indeed, the country will strive to boost national reform in order to achieve greater international economic integration.

Moreover, the nation also outlined 12 indicators on socio-economic development in the year ahead in a draft report on socio-economic development. This draft report has been submitted to the National Assembly, in which the average economic growth rate is set at over 6%, with per capita income at approximately US$3,700.

Moving forward, it is predicted that there will be challenges this year due to the COVID-19 pandemic remaining complicated, although the major focus will be on the two key tasks of continuing to combat the epidemic whilst ensuring the safety and health of citizens. In addition, economic recovery and development efforts will also prove to be crucial.

Many experts and prestigious economic organizations worldwide remain optimistic the country recording annual economic growth of at least 6% over the coming years.

The nation also remains a strong destination that is able to attract great attention from foreign investors. Along with the signing of an array of international agreements, the country is fully committed to creating favorable conditions for foreign investors, including financiers from the United States, Japan, and the Republic of Korea. In line with this, many foreign investors are keen to get involved in the Vietnamese market, while many enterprises are poised to start a business locally.

With these achievements, the nation remains confident of meeting the economic development targets set for 2021 whilst becoming a developed economy in the following years.

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