November 25, 2020 01:40 | About us
Language: Tiếng Việt | ພາ​ສາ​ລາວ | ខ្មែរ | русский | 中文

Singaporean outlet: Vietnam’s economy recovers faster than other countries' in region

November 05, 2020 | 14:52

Singaporean property website propertyguru.com.sg has recently cited a report by Maybank Kim Eng, Malaysia's largest bank which states that both Vietnamese and Singaporean economies show a V-shaped recovery, faster than other countries' in the region.

vietnams economy likely to have v shaped recovery after covid 19 Vietnam’s economy likely to have V-shaped recovery after Covid-19
vietnams economy forecast to grow 68 in 2019 Vietnam’s economy forecast to grow 6.8% in 2019
vietnams economy to overtake singapores in 10 years dbs report Vietnam’s economy to overtake Singapore’s in 10 years: DBS report

Opening the article, the author said “Maybank’s economists attributed Singapore and Vietnam’s more “V” recoveries to generous government subsidies, low-interest rates, high household savings rate and work-from-home policies”.

Moreover, the article quoted Maybank as stressing that the Vietnamese economy is rare in ASEAN as it has escaped the risk of recession. Indeed, the country’s purchasing management index (PMI) has witnessed much faster and stronger growth than other regional countries. It can therefore be considered that the driving force behind the nation’s V-shape recovery is largely down to exports, retail, and freight transportation.

2118 14
Illustrative photo: VOV

Meanwhile, some of the factors which supported the faster-than-expected recovery of the Singaporean economy were real estate transactions, along with strong growth in semiconductor manufacturing and exports.

Vietnam to become 4th largest economy in Southeast Asia, said IMF

Vietnam is expected to surpass Singapore and Malaysia to become the fourth biggest economy in Southeast Asia in 2020, the International Monetary Fund (IMF) said in its October report.

Vietnam's gross domestic product (GDP) is estimated to reach 340.6 billion USD this year, making it the fourth-largest economy in Southeast Asia. This is revealed in the International Monetary Fund (IMF) World Economic Outlook released this week.

Nhipcaudautu newspaper quoted IMF that Vietnam continues to be the only country in Southeast Asia to have growth this year and in 2021, the economy will grow 6.7 percent. During the next five years, Vietnam’s GDP is set to jump by 6-7 percent annually, compared to Singapore’s 2-5 percent. This means by 2025, Vietnam’s GDP could reach $530 billion, exceeding that of Singapore by 22.7 percent.

2110 11
Illustrative photo: VNA

Having success in combatting coronavirus, Vietnam has become one of a few countries to have positive economic growth this year. For GDP per capita, the IMF forecasts that Vietnam's GDP per capita ranks sixth in ASEAN, reaching 3,497 USD per person this year, followed by the Philippines with 3,372 USD, Laos 2,567 USD, Cambodia 1,572 USD, and Myanmar 1,332 USD.

Overall, the average growth forecast for ASEAN-5 member countries including Indonesia, Malaysia, Philippines, Thailand and Vietnam will decrease by 3.4 percent, while that of Asian emerging and developing countries will decrease by 1.7 percent, Vietnam Plus cited.

2114 13
Illustrative photo: Tapchitaichinh

Vietnam’s GDP increased 2.12% during the first nine months of 2020, according to the General Statistics Office. Speaking at the Cabinet meeting in early October, Prime Minister Nguyen Xuan Phuc called for more efforts to achieve GDP growth rate of 2.5-3 percent this year as V-shaped recovery is becoming clearer over the past months.

According to tradingeconomics.com, in the first half of 2020, Vietnam was the unique country among major economies in ASEAN posting positive economic growth (1.81%) while other nations announced negative economic growths including Malaysia (-16.5%), Singapore (-13.3%), Thailand (-9.7%), Indonesia (-4.19%) and the Philippines (-15.2%).

a brain drain in reverse vietnams economy thrives as top talents return

A brain drain in reverse: Vietnam’s economy thrives as top talents return

Business is thriving in Vietnam as vast numbers of expats return. Their skills are helping to stimulate the country’s economy, and the government wants to ...

size of vietnams economy expands by 13 folds in three years pm

Size of Vietnam’s economy expands by 1.3 folds in three years: PM

Prime Minister Nguyen Xuan Phuc on October 22 highlighted the improvements in all aspects of Vietnam since 2016 while reporting on the country’s socio-economic situation ...

positive outlook forecast for vietnams economy in 2018

Positive outlook forecast for Vietnam’s economy in 2018

However, many experts said Vietnam’s economic growth in the first months of 2018 was high but not sustainable due to the dependence on the foreign ...

Malie Nguyen