“Southeast Asia's growth leader in 2021 may well be Vietnam. The country managed a 2.9% economic expansion last year thanks to its success in containing the virus along with robust exports of electronics and other consumer products”, Nikkei Asia stated in a recent article on ASEAN's 2021 GDP forecasts.
Viet Nam is among three nations leading the shift to renewable energy in Asia Pacific, according to the latest research by IHS Markit.
2021 has been identified as the year of economic recovery in Vietnam with a growth rate target of 6.5% set by the Government, 0.5 percentage points higher than that assigned by the National Assembly, requiring the whole political system to drastically take part right from the first days and quarter of the year.
Standard Chartered expects Vietnam’s GDP growth to rebound to 7.8% in 2021 from over 2.9% in 2020, with manufacturing likely continuing to drive the economy and helping Vietnam outperform the rest of Asia.
The Central Institute for Economic Management (CIEM) said that Vietnam’s GDP growth may reach 5.98% or 6.46% in 2021 under a more positive scenario. The economy will, nevertheless, still face many risks.
The year 2021 is of particular importance as it will witness many important political events like the 13th National Party Congress, the election of the 15th National Assembly, the election of the People's Councils at all levels. This is also the first year of executing the 10-year Socioeconomic Development Strategy 2021-2030, the 5-year Socioeconomic Development Plan 2021-2025 and the 5-year plans on all fields stated in Party and National Assembly resolutions.
Economic experts, representatives of international organisations, trade associations and businesses gathered at a workshop held January 20 to discuss the outlook for the Vietnamese economy in the 2021-2025 period.
The Central Institute for Economic Management (CIEM) introduced two scenarios for Vietnam’s economic growth 2021 during a seminar held in Hanoi on January 15.
The latest economic outlook report from Oxford Economics, commissioned by chartered accountancy body ICAEW, predicted that GDP across South-East Asia (SEA) will contract by 4.1% in 2020 before a sharp rebound to 6.2% in 2021. Countries which have been successful in controlling the pandemic like Vietnam and Singapore, have led the region in recovery.
The State budget revenue fulfilled 98% of the estimate and rose by VND184 trillion as compared to the adjusted target of the National Assembly of Vietnam in October 2020, said a report released by the Ministry of Finance at the online conference that reviewed State budgetary and financial activities in 2020 and previewed tasks and actions in 2021. The fiscal revenue to GDP was 23.9%.
The National Single Window (NSW) and ASEAN Single Window (ASW) mechanisms were implemented by the General Department of Customs, ministries, and sectors in line with the spirit of the Government’s Resolution No. 02/NQ-CP, dated January 1, 2020, on the continued realisation of key tasks and solutions to improve the business environment and national competitiveness in 2020.
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