Vietnam shining bright as Covid crisis winner
Vietnam will be one of the few nations worldwide to record positive economic growth in 2020 despite a global collapse in trade, travel and investment caused by the Covid-19 pandemic.
The International Monetary Fund predicted this week that Vietnam’s gross domestic product (GDP) will grow by 2.4% in 2020, following a 2.6% year-over-year economic boost in the third quarter. There have been several important push factors behind Vietnam’s relative economic success.
In June, Vietnam ratified a free-trade agreement with the European Union, representing only the second Southeast Asian state to do so. Last week, Hanoi played host to a regional summit where pen was put to paper on the Regional Comprehensive Economic Partnership, the world’s largest, Asia-centric trade pact which Vietnam is now a member.
Vietnam’s global trade is already brisk. Exports grew by 4.1% during the first three quarters of the year, compared with the same period last year, whilst its exports to the United States rose by 23% over the same period, according to the Ministry of Industry and Trade.
Vietnam’s relative economic success is somewhat surprising considering that the Communist Party-led government has consistently maintained that it won’t put economic recovery ahead of public health.
To date, Vietnam has recorded less than 1,300 Covid-19 cases and 35 deaths. Authorities responded quickly and efficiently when a second-wave broke out in the coastal city of Danang in late July, following a relaxing of strict lockdown restrictions imposed in February.
https://asiatimes.com/2020/11/vietnam-shining-bright-as-covid-crisis-winner/