Vietnam’s economy is expected to grow 1.8 percent in 2020 amid the coronavirus disease (Covid-19) pandemic and bounce back to 6.3 percent in 2021, according to a new Asian Development Bank (ADB) report released today.
Vietnam’s economy is forecast to maintain healthy growth in 2019 and 2020 at 6.8 percent and 6.7 percent, respectively, after growing robustly at 7.1 percent last year, the Asian Development Bank (ADB) said in a press brief about an update of its flagship annual economic publication launched today.
Vietnam’s economy is not likely to experience an economic crisis next year, according to Minister of Planning and Investment Nguyen Chi Dung, though it has suffered such crises in 1979, 1989, 1999 and 2009, following consistent 10-year cycles.
The US dollar has appreciated significantly against the Vietnamese dong in the past few days in the wake of the US Federal Reserves (Fed)’s interest rate hike last week, but local officials and experts are not too worried, believing these hikes won’t affect Vietnam’s economy in any major way.
Vietnam’s economy continues to show fundamental strength, according to the East Asia-Pacific Economic Update released by the World Bank via a teleconference connecting regional countries, including Vietnam, on October 4.
Nonperforming loans (NPLs) must be revolved at the earliest, especially in the banking and financial sector, in order to strengthen Vietnam’s economy, ensure efficiency and boost effectiveness in capital allocation, a World Bank Group (WBG) official told a seminar yesterday.