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New signs of optimism about evolution of Vietnamese economy

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New signs of optimism about evolution of Vietnamese economy

Hanoi, Apr 14 (Prensa Latina) Vietnam's economy will grow 6.7 percent this year, thanks to a flexible response to the Covid-19 pandemic and the reopening to international tourism, according to a report from the United Kingdom-based Standard Chartered bank.
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The bank pointed out that Vietnam already showed proof of its resilience in the first quarter of this year, when its Gross Domestic Product (GDP) increased slightly more than 5.0 percent, driven by exports, foreign investments and a rebound in the processing and manufacturing industry.

Tourism aside, Standard Chartered also considered the multiple free trade agreements in which Vietnam participates and the move from China to many large companies that are eager to diversify their supply chains as auspicious factors.

Among the risks, Standard Chartered mentioned the always unpredictable evolution of the Covid-19 pandemic and the Russia-Ukraine conflict.

A few days ago, in its report on the region’s economic outlook, the Asian Development Bank maintained its forecast for Vietnam’s GDP growth in 2022 at 6.5 percent, and earlier other international agencies predicted it at a similar range.

In the decade prior to the Covid-19 pandemic, Vietnam’s economy grew at a rate of over 6.0 percent, among the highest in the world.

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