THUrsday - 25/03/2021 21:28
In the context of COVID-19 still spreading rapidly and leaving negative impacts on a global scale, Viet Nam has become an economic bright spot with stellar growth of 2.91% thanks to its good pandemic control and timely supportive policies for the people and businesses.
The aforementioned statement has been shared by international organizations when commenting on Viet Nam’s economy in 2021.
Many international financial institutions have assessed that Viet Nam will be one of the 10 countries worldwide with the highest gross domestic product (GDP) growth rate.
According to the International Monetary Fund (IMF)’s forecasts, Viet Nam’s economic activity will recover strongly in 2021 and achieve macro stability in all aspects, from growth, current account deficit to employment.
The IMF affirmed that Viet Nam’s economy is diversified enough to withstand the economic decline caused by COVID-19 and attain positive growth.
According to Nikkei Asia, Southeast Asian economies this year are broadly aiming to regain the growth momentum they had before the outbreak of the pandemic. Southeast Asia is also an attractive investment destination, with a relatively young population driving demand and providing plenty of manufacturing labor.
Viet Nam is predicted to be the region’s growth leader in 2021. The UK’s Center for Economics and Business Research (CEBR) recently released its annual report on 193 economies, in which it forecasted that Viet Nam’s economy will rise to 19th in the world by 2035.
Specifically, Viet Nam’s average annual GDP growth rate is expected to reach 7% 2021 and 2025 and 6.6% over the subsequent ten years, and surpass Taiwan (China) and Thailand by 2035.
The UK’s magazine The Economist considered Viet Nam one of the 16 most successful emerging economies in 2020.
Meanwhile, the UK’s broadcaster BBC rated Viet Nam’s economic growth at a higher level than the World Banks’ forecast in October 2020.
Professor Vladimir Mazyrin, leader of the Center for Vietnamese and ASEAN Studies of the Far East Institute of the Russian Academy of Sciences, has described the results of economic development of Viet Nam in 2020 as an extraordinary success, which will definitely help Viet Nam rise to a higher position in all world rankings in the near future. He emphasized that Viet Nam’s success can be called a phenomenon.
In 2021, Viet Nam remains an investment destination drawing great attention from foreign companies. Together with the signing of many international agreements, the country has committed itself to create favorable conditions for foreign investors.
This is one of the attractive points driving investors from the U.S., Japan, and the Republic of Korea to switch their operations into the Vietnamese market and inspiring many businesses to design plans to start a business in Viet Nam.