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WB: Most of Vietnam's economic indicators in April good

Rosy Huong Rosy Huong

huongthhd@gmail.com

May 18, 2021 | 08:20

Vietnam's industrial production continued its strong growth momentum in April, increasing by 1.1% compared to March, 24.1% higher than the same period in 2020.

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Industrial production continued its strong growth momentum in April, increasing by 1.1% compared to March. (Illustrative image)
Industrial production continued its strong growth momentum in April, increasing by 1.1% compared to March. Photo: Nhan dan (People) newspaper

Most of Vietnam's economic indicators in April were good, according to an updated report on Vietnam Macro Monitoring in May 2021 released by the World Bank Vietnam.

Industrial production continued its strong growth momentum in April, increasing by 1.1% compared to March, 24.1% higher than the same period in 2020.

Revenue from retail sales in April also expanded by 2.3% as compared to March, after two consecutive months of decline. The consumer price index in April also recorded an increase of 0.5% compared to March, reflecting a recovery in household consumption.

In terms of exports, a double-digit growth rate was recorded in all major export items, with the fastest increase in the export revenue of machinery. This was attributed to the ongoing economic recovery in the US and China.

According to the WB, although foreign direct investment (FDI) decreased in April, reaching only US$2.2 billion (53% lower than the previous month), it was generally stable.

A corner of Nha Trang city in Khanh Hoa province (Photo: VNA)
A corner of Nha Trang city in Khanh Hoa province. Photo: VNA

The WB also valued the accelerated progress of vaccinations against Covid-19 in Vietnam with 506,000 doses administered in April compared with about 50,000 doses in late March.

However, the WB warned that Vietnam is experiencing its fourth Covid-19 outbreak from the end of April 2021, forcing the government to quickly respond by closing schools and applying new restrictive measures on travel. This will affect domestic economic activities, especially tourism, transportation and retail, Nhan dan (People) newspaper reported.

Therefore, the bank recommended that if it is necessary to maintain or tighten these new restrictive measures on health and travel, the Government of Vietnam should consider a new fiscal stimulus package, including a support package on a larger scale for people and businesses affected by the pandemic.

Vietnam to grow 6.6% in 2021

WB: Most of Vietnam's economic indicators in April good
WB forecast Vietnam to be among the fastest growing economies in the East Asia and Pacific region. Photo: VNA

Earlier, the WB forecast Vietnam to be among the fastest growing economies in the East Asia and Pacific region with a projected growth of 6.6% in 2021.

The growth will be based on a strong export performance and the recovery of manufacturing and services sectors, it says in its latest East Asia and Pacific economic update called "Uneven Recovery" released in March.

The report says Vietnam and China are the two countries which are less affected by the Covid-19 pandemic, having deployed effective containment measures.

China is expected to grow 8.1% this year, while the rest of the East Asia and Pacific region is expected to grow by just 4.4%.

The report also states that countries that are heavily dependent on export and tourism will experience delays in economic recovery.

Apart from the WB, several other organisations have shown optimistic views on Vietnam’s growth in 2021, VnExpress said. The Standard Chartered Bank has forecast Vietnam to grow at 7.8% this year, with manufacturing driving the revival.

The Asian Development Bank has forecast 6.1% growth, the IMF, 6.5%, and HSBC, 7.6%./.

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Rosy Huong