Asian media seek answer for how Vietnam maintains economic growth amid pandemic

Friday, 2020-12-04 12:31:48
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Speaker manufacturing at a factory of Foster Electric Bac Ninh Co., Ltd at VSIP Bac Ninh, Phu Chan Commune, Tu Son Town, Bac Ninh Province. (Photo: VNA)
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NDO/VNA – Vietnam seems to be an only bright spot in Asia, which ably balanced public health and economics right from the onset of the COVID-19 pandemic, according to Manila Times of the Philippines.

In an article published on December 3, Manila Times praised Vietnam’s efforts in the fight against the health crisis.

The article cited the World Bank’s forecast that Vietnam’s economy would grow by 2.8% in 2020, even as its Asian neighbours struggle to recover from the ongoing crisis.

Meanwhile, the Nikkei Asia of Japan stressed that Vietnam has succeeded in keeping the pandemic under control.

The country’s achievement in fighting COVID-19 has helped the country reduce the pandemic’s impact on its economy as manufacturing has resumed faster than it did elsewhere in the region, job losses were limited, and consumer spending, which accounts for 70% of GDP, has remained solid.

Vietnam’s exports grew 9.9% on the year in October to US$26.7 billion, it noted.

The International Monetary Fund (IMF) projects that Vietnam’s per capita GDP is likely to reach US$3,498 in 2020.

According to Sonny Africa, Executive Director of Ibon Foundation - a Philippines-based non-profit research, education and information-development institution, said the key to Vietnam's success amid the health crisis is its ways to not only contain the spread of pandemic but also to keep its economy afloat.

Vietnam opened up its economy but ensured State ownership and control of strategic enterprises in agriculture, mining, telecommunications, railways, chemicals, water, oil, electricity, cement, steel and other heavy industries, as well as banking and finance, he said.

The scholar also took note that Vietnam considers foreign investment a driver of development, with the FDI flows into the country increasing strongly over the past three years.