VIETNAMESE ECONOMY PROJECTED TO GROW 6.6% IN 2021

The World Bank forecasts that Viet Nam’s GDP growth in 2021 is set to rebound to 6.6%, higher than the Vietnamese Government’s target for the nation’s economic growth this year.

According to the international lender's East Asia and Pacific Economic Update April 2021, many of the economies in the region began to bounce back in the second half of 2020 after an initial slump.
However, among major economies of the region, only China and Viet Nam have followed a V-shape recovery path with output surpassing pre-COVID-19 levels in 2020.

Against this backdrop, only China and Viet Nam are expected to grow strongly in 2021, by 8.1% and 6.6%, respectively, while the rest of the region is expected to grow by only 4.4%.

Regarding the race between infections and vaccination in Viet Nam, the WB supposed that the nation is effectively pursuing COVID-19 elimination, have space to develop a more suitable vaccination strategy for its large populations.

For example, even as the country moves quickly to vaccinate the more vulnerable, it may choose to implement mass vaccination gradually as it obtains better evidence on the efficacy of vaccines and against the variants of concern, the report writes.

Earlier in December 2020, Prime Minister Nguyen Xuan Phuc said that the Government targets to achieve an economic growth of at least 6.5% in 2021 and prepare fundamental factors to accelerate the growth pace from 2022 onward.

Source: VGP