CNBC: VN’s outlook - ‘one of the brightest’ in Asia

VGP – Viet Nam is among the “brightest” spots in Asia despite the challenge of trying to contain the coronavirus pandemic and its economy is poised to rebound.

August 08, 2020 8:37 PM GMT+7

Viet Nam is among the “brightest” spots in Asia despite the challenge of trying to contain the coronavirus pandemic and its economy is poised to rebound, according to the CNBC.

The CNBC, the world leader in business news and real-time financial market coverage, released an article, quoting Asean economist at UBS Research Edward Teather’s statement on positive achievements of Viet Nam’s economy amid the outbreak of the COVID-19.

Viet Nam is suffering some pain from the impact of Covid-19, but the outlook is looking one of the brightest in the region, asserted Edward Teather, adding that retail sales, imports (and) industrial production were all actually up on the year in the month of June, which is better than you can say for most economies in the region.

Many economies contracted in the second quarter of 2020 compared to a year ago, but Viet Nam’s gross domestic product grew slightly at an estimated 0.36%, Edward Teather stressed.

Regarding the nation’s efforts in COVID-19 fight, the article said: “The country was successful in containing its coronavirus situation even though it shares a border with China, where the virus outbreak was first reported”.

“Viet Nam is growing and is well-positioned to continue to take global market share in terms of exports going forward, so pretty bright prospects in a relative sense in the region,” Teather said.

The nation is seen as an alternative manufacturing hub for companies that want to shift production out of China.

Teather referred to the EU-Viet Nam Free Trade Agreement, which has taken effect since August1: “The country’s free trade deal with the European Union, which was ratified last month, could boost inflows of foreign direct investment”.

The article highlights efforts of the Vietnamese Government in boosting the economic growth: “The Prime Minister just over the weekend was calling for more measures to support the economy, and the central bank was actually saying they want to get credit growth up over 10%.”

By Thuy Dung