Viet Nam’s economic recovery even stronger in Q2: Hong Kong news outlet
Though Viet Nam suffered a brief setback in 2021 because of the highly-infectious Delta variant of COVID-19, its economy has begun to recover since the end of last year with exports achieving outstanding performance, Hong Kong (China)-based news outlet HK01 reported.
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| Viet Nam's economy beun to recover since the end of last year with exports achieving outstanding performance, Hong Kong (China)-based news outlet HK01 reported. |
Data from the General Department of Vietnam Customs shows that Viet Nam’s export volume in March hit 34.71 billion USD, up 14.8 percent year-on-year.
China Business News reported that Viet Nam’s shipments of mobile phones, electronics, computers and parts exceeded 27.3 billion USD, which was close to half of last year’s figure (57.54 billion USD).
Andrew Jeffries, Country Director of the Asian Development Bank (ADB) in Viet Nam, reportedly stated that the global investment flows have declined amid the pandemic and global geopolitical volatility. Despite that, foreign direct investment (FDI) flows into Viet Nam are likely to grow against the trend.
HK01 also touched on the Viet Nam-China economic relations, noting that over the past 10 years, Viet Nam’s development has not affected China’s employment and China’s exports and foreign trade are still growing rapidly.
It quoted a Chinese economist as saying the restructuring of the industrial chain has promoted the development of trade relations between Viet Nam and China. Viet Nam imports a large amount of raw materials or components from China for assembly and exports.
According to Chinese customs’ statistics, the bilateral trade between Viet Nam and China exceeded 200 billion USD for the first time in 2021, reaching 230.2 billion USD, a year-on-year increase of 19.7 percent. China’s trade surplus with Viet Nam stood at around 45 billion USD.
China remains Viet Nam’s largest trade partner and second biggest importer; and Viet Nam is also China’s largest trade partner in ASEAN.
HK01 further noted that with an increase in vaccination rates and the “new normal” policy, Viet Nam’s economy has stablised and recovered since the fourth quarter of last year. This year, exports will continue to be the main engine of the country’s economic growth. In addition to electronics, the labour-intensive textile and wood industries are also doing well.
Most economic experts have predicted that Viet Nam’s economic recovery may be even stronger in the second quarter of 2022, it continued. It is worth noting that Viet Nam announced to reopen its borders to international visitors on March 15, it said, adding that the move will enable the return of international technical managers and support Viet Nam’s manufacturing industry.
(Source: VNA)
