Economy of Vietnam

Covid-19 and Vietnam economy

Everyone is talking about coronavirus disease 2019 (COVID-19) as it is reaching about 18 million infected worldwide.

I remembered when Hanoi (Vietnam) announced the COVID-19 patient No. 17 on the night of March 6, 2020, people were in so panic that many went to the markets/ super markets the next day’s morning to buy food for stock up. TV news spent most of the time updating the situation both locally and globally. It is good that thanks to strict measures from the start,  Vietnam has controlled the spread of the disease. 99 days have passed without cases of community transmission. We have thought that everything was put behind and we are getting used to establish a new normal life. Then, suddenly, it comes back, ruins many efforts in the past few months. 

However, I believe that we will overcome it once again with our strong will and unite. The matter is Time, of course.

Nevertheless, which scenarios for Vietnam economy now?

Taking Stock (World Bank’s bi-annual economic report on Vietnam), released on 30 July 2020, projects Vietnam’s GDP to grow at 2.8 percent this year, and by 6.8 percent in 2021, making it the world’s fifth fastest growing economy.

Let see below to see how Vietnamese GDP growth rate would be compared to other countries in the region:

However, in case of less favorable external conditions, the Vietnam’s GDP will be only at 1.5 percent in 2020 and 4.5 percent in 2021. It would be the situation that none of us expects.

Things now are still uncertain as we could not know how the disease will evolve, especially when vaccine for it has not yet been made.

For now, along with the Government’s efforts, each of us should also has a consciousness to protect yourself and others from this disease.

Let’s battle together and believe in a brighter future!

Reference: World Bank (July 2020). Taking Stock. Retrieved from: http://documents1.worldbank.org/curated/en/101991595365511590/pdf/Taking-Stock-What-will-be-the-New-Normal-for-Vietnam-The-Economic-Impact-of-COVID-19.pdf