STANDARD CHARTERED FORECASTS VIETNAM’S 2021 GDP GROWTH AT 7.8%
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.
PROSPECTS REMAIN BRIGHT OVER DENTED REMITTANCE INFLOWS
Based on forecasts from the World Bank as well as information from commercial banks and organisations working on inward remittance transfer, the inward remittance volume to Vietnam may have reached as much as $15.5 billion in 2020, placing the country ninth among the top 10 inward remittance recipients worldwide. Vietnam averaged a 35.6-per-cent hike a year during 2016-2020 compared to the 2011-2015 period.
VIETNAM’S E-COMMERCE MARKET GENERATES $11.8 BILLION IN 2020
According to a report by the Ministry of Industry and Trade's Department of E-commerce and Digital Economy, 53 per cent of the population has joined the online retail market, boosting the growth of Vietnam’s e-commerce sector by 18 per cent to $11.8 billion, accounting for 5.5 per cent of the total retail sales.
HAI PHONG TARGETS US$2.5-3 BILLION OF FDI IN 2021
The northern port city of Hai Phong has set a target of attracting US$2.5-3 billion in foreign direct investment (FDI) in 2021, with priority given to industrial and service projects using modern and highly efficient technologies.
REFORM IS PREREQUISITE FOR ECONOMIC RECOVERY
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.
FOXCONN’S LAPTOP PLANT IN BAC GIANG AND IMPLICATIONS FOR VIET NAM
According to the Ministry of Planning and Investment, the project indicates that Government’s great efforts to improve business climate have brought about tangible outcomes in the context that multinational business giants are planning supply chain diversification and optimization.
PUBLIC INVESTMENT WILL FOCUS ON KEY PROJECTS: MINISTER
Public investment will focus on key national projects with important roles in enhancing regional links and creating new drivers and room for economic growth, Minister of Planning and Investment Nguyen Chi Dung has said.
