Workers examine electronic components at the factory of the Young Poong Electronics VINA Co. Ltd in Binh Xuyen II Industrial Park, Vinh Phuc province (Photo: VNA)
Hanoi (VNA) – Many international organizationshave forecast robust economic recovery for Vietnam in 2021.
The International Monetary Fund (IMF) expects Vietnam’s economy to grow 6.5 percent in2021 despite some economic scarring.
In its2020 Article IV Consultation report with Vietnam, the IMF said the country’s growth is projected to strengthen to 6.5percent, as normalisation of economic activity continues, businesses recover,and private consumption and business investment rebound.
Per the report, manufacturingand retail sales are expected to lead the recovery, while the travel andhospitality services will remain subdued. Net exports will continue to contributepositively to growth as external demand picks up.
Economic scarringdue to disruptions to domestic activity and the labour market will temporarilyweigh on potential growth as labour re-allocation gradually takes place, andcapital stays idle in the hardest-hit sectors.
The StandardChartered Bank has forecast Vietnam’s economy will grow at 7.8 percent thisyear with manufacturing driving the revival.
Meanwhile, a preliminaryassessment by the ASEAN 3 Macroeconomic Research Office (AMRO) said thenation’s GDP growth will rebound to 7 percent this year, driven by a recoveryin external demand, a resilient domestic economy, and increased productioncapacity.
Market researcher Fitch Solutions expects that Vietnam’seconomy will grow 6.5 percent each year over the course of the next 10 years asthe Government diversifies export markets and improves infrastructure./.
The domestic food and beverage market has great potential for development despite the difficulties caused by the COVID-19 pandemic, according to experts.
Credendo Group’s offices in Germany and Austria have published a study to evaluate the level of risk in Vietnam, which emphasised that the Southeast Asian country is continuing its successful economic story after its good performance in controlling the COVID-19 pandemic.
The information technology (IT) and telecoms sector has emerged as a bright spot amid the COVID-19 pandemic as companies have quickly optimised opportunities to move ahead and develop sustainably.
Vietnam should develop a generation of young entrepreneurs in the timber industry, and consider it a sector for startups, said President of the Handicraft and Wood Industry Association (HAWA) of HCM City Nguyen Quoc Khanh.
The US remained Vietnam’s largest market, accounting for 55% of the country's total wood exports. Key products include wooden furniture, plywood, doors, and handicrafts.
With a clear development strategy, proactive investment attraction and strong policy support for sustainable agriculture, Tay Ninh is positioning itself as a major hub for high-tech livestock farming in the southern region.
As Vietnam’s largest private carrier, Vietjet has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years.
The Vietnam National Petroluem Group (Petrolimex) had acted early to mitigate risks amidst the recent surge in global oil prices driven by the Israel–Iran conflict, Vietnam News Agency cited a Petrolimex representative as saying.
In mid-June, the Vietnam Trade Promotion Agency (VIETRADE) at the Ministry of Industry and Trade (MoIT) in collaboration with Alibaba.com announced a list of 200 outstanding businesses selected to participate in the "Vietnam National Pavilion" in 2025.
Vietnamese seafood processing and export enterprises are in the process of completing procedures and adopting necessary technologies to bring their products into the Halal market.
The PM outlined a dual strategy: revitalising traditional growth engines of investment, exports, and consumption, while accelerating breakthroughs in sci-tech, innovation, digital transformation, and green transition.
The complex, covering a total area of 512 ha, is designed after a multi-functional model, prioritising the preservation of natural landscapes, honouring local beauty, and creating an ideal living area.
He requested delegates to provide objective and honest feedback on what has been achieved, what has not, the consequences, and draw lessons learned for the future. He also emphasised the need to identify key directions and tasks, with a firm resolve to prevent, and eventually eliminate the trafficking of counterfeit medicines and fake food products.
The Ministry of Finance is drafting policies to establish specialised AI and smart industrial parks to raise the technological profile of FDI projects and create spillover effects for local businesses.
Vietnam ranked as the 8th largest export market of Singapore with an export turnover of more than 11.7 billion SGD (9.06 billion USD) in the first five months of this year, four places higher than that of the same period last year.
Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
This year’s event attracted more than 350 entries from cities and provinces across the country, reflecting growing interest in and commitment to the Fourth Industrial Revolution.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
Workers examine electronic components at the factory of the Young Poong Electronics VINA Co. Ltd in Binh Xuyen II Industrial Park, Vinh Phuc province (Photo: VNA) 
