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World Bank: Việt Nam maintains positive outlook for economic recovery in 2021
World Bank: Việt Nam maintains positive outlook for economic recovery in 2021
The rapid suppression of the new COVID-19 outbreak in late January 2021 has helped maintain Việt Nam’s positive outlook for economic recovery this year, the World Bank (WB) has said.
In its latest Việt Nam Macro Monitoring Report, the WB said looking ahead, special attention should be paid to how COVID-19 vaccinations will be rolled out domestically and globally as they will impact the pace of Việt Nam’s economic growth. Further fiscal and monetary policy interventions may be needed to support the recovery of private demand.
According to the WB, the Vietnamese Government quickly introduced strict but targeted measures to suppress this new outbreak of COVID-19 in Hải Dương Province, the epicentre, including during the Tết (Lunar New Year) holidays.
As a result, the number of new cases started decreasing, and restrictions were partly eased in the second half of February.
In the meantime, Việt Nam has approved three types of vaccines. The Government also approved a resolution to purchase a total of about 150 million doses of COVID-19 vaccines, and prioritised recipient groups. The WB noted that industrial production slowed as factories closed in observance of the Tết holidays.
The industrial production index dropped by 7.2 per cent year-on-year in February. This decline is mainly reflecting the cross-year difference in the timing of the Tết holidays. The two-month moving average still registered an increase of 8.8 per cent year-on-year in the first two months of 2021.
Việt Nam’s merchandise exports fell by 4.2 per cent year-on-year while imports grew by 11.8 per cent year-on-year in February, resulting in the first month of trade deficit since April 2020.
Preliminary data show that exports to the US and China rose while those to the EU, ASEAN, the Republic of Korea and Japan decreased. The increase in imports was driven by a doubling of imports from China in February 2021 compared to the same period last year, mirroring January 2021 import patterns./.
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All comments [ 12 ]
Ministers and heads of ministerial-level agencies were asked to continue to uphold their responsibilities, and set forth solutions to deal with a delay in the promulgation of legal documents.
Vietnam must keep on pursuing the twin goals of effectively combating COVID-19 and boosting economic growth in the “new normal”.
Vietnam has accurately assessed how dangerous the COVID-19 was since the outset of the pandemic, activated the national disease prevention system in time and swiftly adopted solutions suitable to the pandemic development and the nation’s capacity.
The successful containment of COVID-19 has strengthened people’s confidence in the Party’s sound leadership and the State’s policies.
Vietnam has actively proposed initiatives and responsibly engaged in the international community’s collaborative endeavour in addressing global challenges.
all ministries, governmental agencies and provincial-level People’s Committees to continue rigorously enforcing orders made by the government and the National Steering Committee for COVID-19 Prevention and Control.
in its latest annual assessment of Việt Nam’s economy last week, the International Monetary Fund (IMF) said despite COVID-19, Việt Nam’s economy has remained resilient, with growth being projected at 6.5 per cent in 2021.
Thanks to strong economic fundamentals, decisive containment measures and well-targeted government support.
ministries, agencies and localities across the country to have specific solutions to promote the operation of the working groups in their respective areas as well as continuing to innovate their operating methods.
Việt Nam's GDP expanded by 2.9 per cent in 2020 – one of the highest growth rates in the world.
the Vietnamese Government maintain supportive policies in 2021 to ensure a resilient and inclusive recovery. Policies in the near-term should centre on sustaining employment while fostering a reallocation of resources.
More decisive reforms are needed to make the most of Việt Nam’s growth potential, which would require tackling the sources of low productivity.
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