Vietnam to be among top growth performers again in 2021: HSBC
In its latest “Asia Economics Quarterly” report, HSBC said despite unprecedented challenges, Vietnam has strongly overcome the pandemic crisis. With a population of over 95 million, the country has managed to flatten the COVID-19 curve much sooner and keep the infection tally at around 1,400 thanks to swift and effective prevention efforts by State agencies.
Though the 2020 GDP growth of 2.91% was the lowest in the recent decade, it was still assessed as a big success and among the world’s highest considering the complicated development of the COVID-19 pandemic.
Inflation decelerated from 3.9% in the first three quarters to 1.5% in November compared to the same period of 2019 thanks to normalised good prices and declined oil prices.
HSBC researchers expressed their belief that Vietnam will benefit from tech-led recovery, sustained FDI inflow, and many free trade agreements signed.
However, they still slightly revised the country’s 2021 growth forecast down to 7.6%, from the previous estimate of 8.1%, due to a prolonged recovery in the tourism industry.
They held that although the country is now ready to outpace other countries in the region in 2021, there remain risks to its economic recovery.
Many obstacles still exist in the tourism sector, HSBC said, noting though the worst may have passed after the second quarter, tourism-related services like accommodation and transportation are still in a bleak situation as a result of cross-border travel restrictions.
The second wave of COVID-19 infections in late July was swiftly brought under control, but it could make the Government more prudent in reopening borders and attracting international visitors. A meaningful tourism recovery is unlikely in the time ahead until effective vaccines are available and there is a global integrated approach to international tourism, according to HSBC.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
More News
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Seafood enterprises propose to remove obstacles from exporting to the EU
10:34 | 02/04/2023 Import-Export
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export