After a record slowdown in the second quarter of 2020 when the Vietnamese economy only grew by 0.39% year-on-year, growth rebounded to 2.62% in the third quarter as the Covid-19 pandemic appeared well under control, according to the World Bank’s Vietnam Macro Monitoring report.
Prime Minister Nguyễn Xuân Phúc has asked Hà Nội and HCM City to strictly follow regulations ensuring people wear facemasks in crowded places or while using public transport and that all the violations should be dealt with.
The southern province of Dong Nai has remained a magnet for FDI, with major groups from the Republic of Korea, Taiwan (China), Japan, Singapore, and China all pouring capital into the locality.
Viet Nam is an important partner of Japan and plays a key role in realizing the Free and Open Indo-Pacific strategy, said Japanese Prime Minister Suga Yoshihide.
In recent years the province has been focusing on industries that produce raw materials for manufacturing such as fibre, fabric and colouring for the textile and garment industry and metal and components for the mechanical industry.
Viet Nam would remain the only one with positive growth among five major economies in ASEAN, and its economic growth would rebound to 6.7% in 2021, according to the International Monetary Fund’s October 2020 World Economic Outlook (WEO) Update.
Chinese yarn behemoth Texhong is shifting its production line to Vietnam, partly fuelled by the US boycott on cotton items originating from Xinjiang province in China.
The outstanding growth of e-commerce has set a great burden on the logistics sector in Southeast Asia, as reflected by the marked slowdown in the delivery speed of e-commerce companies.