Vietnam's economy stands out
Covid-19 Crisis 2020
Corona has brought a global economic downturn because a hero comes out of chaos, and it seems that Vietnam has a golden opportunity to make a big leap forward. According to the Vietnam Bureau of Statistics, Vietnam's gross national product GDP grew 2.91% year-on-year. This is the only growth among the six major ASEAN countries (Singapore, Thailand, Malaysia, Indonesia, Philippines and Vietnam).
<IMF, Effective public spending in Vietnam eases economic damage>
It was evaluated that the surge in exports and sound public spending following the success of the coronavirus quarantine were successful in quickly recovering the Vietnamese economy. Vietnam's exports to China grew by 15% and exports to the United States by 25%, demonstrating its status as a global production base after China. In particular, until November 20, public investment increased by 34%, the highest figure in the past eight years, and the IMF assessed that appropriate public spending by the Vietnamese government had alleviated the economic impact. The global economic growth rate was -4.4%, while Vietnam grew 2.4%, showing the world's highest growth rate.
The outlook for 2021 is also bright. International credit rating agencies such as S&P and Peach, international organizations such as the World Bank, IMF, and Asian Development Bank, as well as several global banking companies such as HSBC and UOB, are predicting Vietnam's growth very positively.
<World Bank forecasts Vietnam's economy to grow 6.8% in 2021>
The World Bank's forecast is the most average of the Vietnamese economic outlooks of various institutions, and the World Bank predicts that the Vietnamese economy will grow 6.8% in 2021 and maintain stable growth of around 6.5% thereafter. Because Vietnam has managed to manage the Corona 19 crisis well, it is expected that foreign investors will continue to invest in Vietnam and boost the economy.
<S&P, Vietnam's economy will grow 10.9%>
S&P said that Vietnam is the only one in ASEAN that has the fastest and most complete prevention of the spread of the coronavirus and leading economic development, and will record a high growth of 10.9% in 2021. Vietnam is becoming more prominent as a global production base that will replace China in the midst of the US-China conflict, and it is expected that more companies will move from China to Vietnam.
<British think tank Vietnam will be the 19th largest country in the world by 2035>
The Center for Economic Management Research (CEBR), a British think tank, predicts that Vietnam will be the 19th major economic growth country in the world, surpassing Taiwan (21st) and Thailand (25th) as Vietnam continues to grow rapidly. It is said that the world's 37th-largest economic power, with the world's highest growth rate of 2.91%, was recorded in 2020 thanks to the successful prevention of corona amid the world's crisis of corona. Besides this, the future economic outlook of Vietnam from several international organizations are all positive.
[Vietnam Economic Growth Forecast in 2021]
* S&P Global Ratings: 10.9%
* Fitch 8.6% * Oxford Economics: 8%
* HSBC: 7.6%
* UOB (United Overseas Bank Plaza): 7.1%
* World Bank: 6.7%
* IMF is 6.5%
* Asian Development Bank: 6.1%
* UK think tank Economic Management Research Center (CEBR)
-Vietnam's economy ranked 37th in the world by 2020
-Expected to continue rapid economic growth for 15 years, jumping to 19th in 2035
In the Oxford Economics report, Vietnam, Singapore, and Thailand, where corona prevention is well established, are expected to rebound by an average of 6.2% across ASEAN, but I am worried that the corona quarantine situation in Indonesia and Malaysia continues to be poor.
For reference, according to the Vietnam National Statistical Office, GDP grew 2.91% in 2020, which is the only growth in ASEAN.
