Vietnam could expect the strong growth of recent years to return next year, and will likely see its position as an offshoring location reinforced once the global economy begins to recover, assessed the Mckinsey & Company, a global management consulting firm.
Domestic consumption continues to be critical to boost economic recovery (Source: VNA)
Hanoi (VNA) – Vietnam could expect the strong growth of recent years toreturn next year, and will likely see its position as an offshoring locationreinforced once the global economy begins to recover, assessed the Mckinsey& Company, a global management consulting firm.
In a recent article titled “Emerging fromthe pandemic, Vietnam must position itself for recovery,” the author said thatVietnam has gone through more than two months without community transmissions,which enables the country to be among the first to fully reopen its domesticeconomy.
“Vietnam has faredbetter economically than many countries,” it wrote. GDP growth in the firstquarter was at its lowest level since 2010, although it was still in positiveterritory at 3.8 percent.
As exports and tourismhave been severely affected, domestic consumption will continue to be criticalto boost economic recovery.
According to thearticle, manufacturing has a crucial sector for Vietnam’s growth, leadingVietnam to achieve one of the highest trade-over-GDP ratios in Southeast Asia.
Amid the COVID-19outbreak, key steps have been taken to keep operations running despitelockdowns in other countries. For example, the article said, engineers from twomajor international electronics manufacturers were allowed to enter Vietnamearlier this year to ensure their factories continued to run at full capacity.The government also collaborated with local businesses to ramp up production ofpersonal protective equipment (PPE) for essential workers, helping them to gainaccess to global markets.
As manufacturersacross the globe start to rethink their supply-chain strategies to address thefrailties exposed by the pandemic, Vietnam remains in a strong position, itwrote, adding that the country has long been an attractive offshoringdestination.
A McKinsey survey offashion-sourcing executives published in May showed that 24 percent ofrespondents said they expect to see an increase in production in Vietnam morethan any other location in Asia.
“If Vietnam cancontinue its enviable record of keeping community transmission of COVID-19 atbay while also making the right structural shifts to drive growth over the nextdecade, it could not only recapture its pre-COVID-19 economic position butdrive new economic growth,” the article said./.
Vietnam will strive to be among the world’s top 15 most developed countries in agriculture by 2030 with agricultural processing to rank in the world’s top 10.
Hanoi has launched a two-month promotional campaign aimed at stimulating consumption and easing the difficulties facing local businesses following the COVID-19 pandemic.
A national promotion month entitled ‘Vietnam Grand Sale 2020’ will be held from July 1 to 31 by the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade in a bid to stimulate domestic consumption.
The handover ceremony was held at the Malaysian Embassy headquarters in Mexico City on August 8, with the presence of heads of diplomatic missions from ASEAN member states in Mexico.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Domestic consumption continues to be critical to boost economic recovery (Source: VNA) 
