Viet Nam expected to mount strong recovery next year: UK’s Proactive

Viet Nam is expected to mount a strong recovery next year. Illustrative photo.

In a story published recently, the newswire highlighted Viet Nam as one of the most successful countries in minimising the impact of the coronavirus on its economy, with the IMF saying the Southeast Asian nation’s containment of the virus should allow its economy to stage a fast rebound in the post-pandemic world.

The IMF said Viet Nam’s growth this year is expected to be 2.4 percent, among the highest in the world, thanks to the country’s “decisive steps to contain the health and economic fallout from COVID-19”, Proactive reported.

The IMF’s view has been echoed by investment firm Vietnam Holding Limited which has said Viet Nam’s resiliency during the pandemic had “helped raise its profile as a major trade partner” and expected trade relations with the country and other nations to “gain further momentum”.

The group also anticipated that the country’s economy will return to an expansion rate above 6 percent next year given its “multiple engines of growth”, Proactive said.

Viet Nam’s status as a trading partner is also likely to be bolstered by the recently announced creation of the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between 15 countries in the Asia Pacific region that will form the world’s largest trading bloc.

It quoted Craig Martin, chair of Vietnam Holding’s investment manager Dynam Capital, as saying that the RCEP could add 1 percent to the Vietnamese economy over a few years.

Trade deals like this further accelerates Viet Nam’s growth story, Matin said.

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