Weekly Vietnam Economy News (07 – 13/09, 2020)

Table of Contents

The country speeds up domestic production

Although the resurgence of the pandemic left a gray mark on domestic production that began to recover in April, it remains the main driver of economic growth, led by the processing sector and make.

According to the Vietnam Aviation Administration (CAAV) under the Ministry of Transport, Vietnam has been working with Japan and South Korea to resume commercial flights from September 15.

Besides reviving airlines, the resumption of flights to these markets will help Vietnam attract more investment from Northeast Asian countries, and boost domestic production, which is still weak due to The pandemic recurred, although it has begun to recover since April when the country had temporarily lifted its social barriers.

Vietnam’s recovery outlook remains brightest in Southeast Asia

Vietnam is forecast to be the only Southeast Asia economy to achieve positive growth by 2020, according to the latest report on the global economic outlook by Oxford Economics and commissioned by the Institute of The Notary Public of England and Wales (ICAEW).

Vietnam’s economic recovery outlook is the brightest in the region with forecasted growth.
The report forecasts that the total regional GDP will fall 4.2% while there is still uncertainty about the regional economic recovery in the coming quarters, especially in Q4.

Specifically, economies that have well-controlled outbreaks such as Thailand and Vietnam will recover more aggressively than Indonesia and the Philippines, which are struggling with a new wave of COVID-19 infections as Early travel restrictions were relaxed.

Previously, the Government of Vietnam was set to reduce the economic growth target of this year to 2% to 2.5%, after the COVID-19 pandemic resulted in a global recession affecting exports and tourism. domestic and foreign direct investment.

Vietnam ranks 42nd in the global innovation index

Vietnam ranked 42nd out of 131 economies for the second consecutive year in the Global Innovation Index (GII) 2020, the World Intellectual Property Organization (WIPO) has just announced.