ADB Forecasts Strong Economic Growth for Vietnam Despite Covid-19

May 2021

Thanks to effective measures taken to contain the Covid-19 pandemic, Vietnam’s gross domestic product (GDP) grew by 2.9% in 2020, one of the highest growth rates globally. Looking forward, Vietnam is forecasted to grow by 6.7% in 2021 and 7.0% in 2022, according to the Asian Development Bank (ADB), thanks to industrial activities, export-oriented manufacturing, increased investment, and expanding trade.

Throughout 2020, Vietnam’s growth momentum has remained strong. For example, the Government of Saskatchewan, a province of Canada, has chosen Ho Chi Minh City, Vietnam, as a location to open its new International Trade and Investment office, besides London, Dubai, Mexico City. The South East Asian nation is considered a mature market for Canadian wheat and canola meal and holds significant potential for further exports of grains, oilseeds, and feed. In addition, Vietnam is a party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which promotes free trade in the region.

In another development, following this year’s UK-Vietnam Free Trade Agreement (UKVFTA), Chamber International has signed an alliance with Britcham Vietnam to enhance trade between UK companies in Vietnam and vice versa. Accordingly, Britcham Vietnam will provide market expertise and contacts to guide UK companies through local business culture and achieve their objectives efficiently.

Meanwhile, Australia’s Aus4Innovation development assistance program in Vietnam is moving forward with the launch of its commercialization guidebook for Vietnamese universities and research institutions. The guidebook, written in Vietnamese and English, will be published in both printed and online forms to guide researchers regarding the commercialization processes in Vietnam, helping shape Vietnam’s innovation agenda in science and technology.

(Sources: Nhan Dan Online; ADB; The Carlyle Observer; The Business Desk; VNExpress)

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