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Despite its good resilience, Vietnam's economy has been facing a serious pandemic outbreak since April 2021. Restriction measures, aimed to contain the pandemic, have negatively affected economic recovery that was strong in the first half of 2021.
The fourth outbreak of the COVID-19 pandemic has seriously affected the socio-economic situation of the country. However, since the end of the third quarter of 2021, efforts to control the disease nationwide have shown positive results while forecasting agencies at home and abroad are optimistic about Vietnam's growth prospects in the medium and long term.
The Ministry of Planning and Investment has sketched out two scenarios for economic growth, Deputy Minister Tran Quoc Phuong told the press conference following the Government’s regular meeting in Hanoi on October 2.
Vietnam’s GDP is expected to expand by about 4.8% in 2021, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5 to 7% from 2022 onward, the World Bank has forecast.
Viet Nam’s economy dipped by 6.17 percent in the third quarter this year, the lowest figure since the country first reported on quarterly GDP growth.
The spread of the highly contagious Delta variant of COVID-19 has cast a shadow on South-East Asia (SEA) and limited economic recovery for the region this year, especially for countries with low levels of Covid-19 immunity. The economies of several countries are expected to have contracted in the third quarter of this year, but the outlook for the region in 2022 is more positive, according to the latest Global Economic Forecast Report from ICAEW and Oxford Economics.
Anticipating that it is very difficult to completely control the Covid-19 epidemic in the short term, Vietnam should carefully consider and prepare for reopening the economy and live with the epidemic in the coming time.
The COVID-19 crisis has accelerated the digital transformation of the Vietnamese economy as more businesses in Vietnam are providing online services. The government is also stepping up the digitization of procedures and databases.
Vietnam’s GDP is expected to expand by about 4.8% in 2021 despite its robust economic performance in the first half of this year. This forecast, two percentage points lower than the projection in December 2020, accounts for the negative impacts of the ongoing COVID-19 wave.
According to the World Bank (WB), Vietnam's 35-year development is admirable. In 2002-2018, Vietnam's per capita GDP increased by 2.7 times, reaching over US$2,700 in 2019. Besides, more than 45 million Vietnamese people escaped poverty, with the poverty rate sliding sharply from more than 70% to less than 6%.
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Vietnamese
Hanoi, Vietnam
