|MoneyWeek: Vietnam – an emerging market that shone in a difficult year|
|IMF: Global 2021 GDP growth may reach 5.5% thanks to COVID vaccine|
|Vietnam - one of the few countries to record positive GDP growth in 2020|
The report states that Vietnamese exports during the opening two months of the year increased by over 20% compared to last year. Major export items were mobile phones, computer components, and machinery and equipment.
Most notably, foreign direct investment (FDI) inflows have been encouraging, with the country attracting approximately US$5.5billion of registered FDI capital during January and February. This marks an annual decline of only 15.6% despite border closures and travel restrictions, in comparison to the unprecedented 25% fall in 2020.
Japan made up the largest source of registered capital during the first two months, pouring in roughly US$1.5billion, followed by Singapore with US$861.1 million and China with US$374.9 million.
According to industry experts, while the upward trend of economic activities remains on track, it is highly dependent on the containment of infections and vaccination globally. For the year ahead, Vietnamese GDP growth is forecast to grow at 7.1%, a rate which is higher than the 6% target set by the National Assembly.
|MoneyWeek: Vietnam – an emerging market that shone in a difficult year |
The list of countries that managed to grow their economies last year is an unusually short one, which makes Vietnam stand out.
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