Weekly Vietnam Economy News (16 – 23/10, 2020)
In this article, we will provide new information about Vietnam Economy.
Vietnam is the only country in Southeast Asia that is forecast to see positive growth this year, at 1.6%, and reaching 6.7% by 2021.
Vietnam’s GDP reached about 340.6 billion USD this year, becoming the fourth-largest economy in Southeast Asia.
This was revealed in the International Monetary Fund’s (IMF) World Economic Outlook Report released Tuesday.
Accordingly, Vietnam is the only country in Southeast Asia that is forecast to have positive growth this year, at 1.6%, and will reach 6.7% by 2021.
IMF forecasts that Vietnam economy will rank 4th in Southeast Asia this year.
Vietnam economy will grow by 3% in 2020, to 7.8% in 2021
The Vietnamese economy is expected to grow by 3% in 2020 and increase to 7.8% by 2021.
Construction is expected to improve in Q4, supported by increased investment in public infrastructure.
Private consumption, which accounts for nearly 68% of GDP, will see strong growth in Q4 thanks to improved domestic sentiment. Private investment, however, is likely to remain subdued given the lingering medium-term demand uncertainty.
Vietnam promotes smart urban development
As a country after building a smart city, Vietnam has the opportunity to learn and refine the world’s experiences, but also a pressure to not be left behind in this trend.
Urban areas currently contribute up to 70% of the country’s GDP, but still need to be operated optimally, smarter, and use resources more efficiently.
Currently, Vietnam has about 30 localities that are building smart cities. These cities mainly focus on basic areas such as smart education; medical intelligence; Smart traffic; intelligent public services, public administration, and e-government; smart travel; To do that, it is necessary to build an open database foundation.
The period of 2021 – 2030 is an extremely important period, determined to be a “breakthrough” with an estimated GDP growth rate of 7 – 7.5%. In which, the urban economy is identified as an important growth engine of the economy.
Vietnam – One of the most attractive retail markets in the region
Vietnam is a strategic business country that our corporation focuses on investing in. Therefore, the memorandum of understanding with Ho Chi Minh City will create more favorable conditions for the development of shopping centers.
September’s total retail sales of consumer goods and services recorded an increase of 2.7% over the previous month and 4.9% over the same period last year. This shows the certain attractiveness of the Vietnamese retail market compared to the region in the difficult context of COVID-19.
Vietnam’s economic recovery prospects are assessed positively
Thanks to its achievements in economic and resource development, Vietnam has recently risen to 12th in the Asia Power Index 2020 ranking. Australia’s leading foreign policy research institute. Previously, major economic organizations in the world are also continuously adjusting to more positive forecasts about Vietnam’s economic growth.
Effective COVID-19 epidemic prevention is putting Vietnam in a better position for economic recovery. According to the World Bank, the impressive growth of the index of industrial production and retail sales, the impressive trade surplus results of $ 17 billion after 9 months, from rice to key products of electronics are the Positive indicator for GDP outlook could reach 2.5 – 3% this year.
Compiled from many sources by LOOKOFFICE
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