Vietnam’s economy keeps growing thanks to important drivers With projected growth of 2-3% in 2020, Vietnam will be one of the fastest-growing economies in the region and the world by tapping into its internal strengths, taking advantage of opportunities and thanks to the economy’s adaptability to new situations. The most notable aspect is that the main drivers of growth have picked up, helping the economy to recover quickly in the final months of the year. The first engine is export. The Covid-10 pandemic has caused global trade to fall steeply while Vietnam’s export growth has remained in positive territory, with a rate of over 10% since the third quarter, making Vietnam the country with the fastest growth rate in trade. As of October, the trade surplus rose to a record high of US$18.72 billion, helping Vietnam increase its foreign reserves. Exports by domestic companies have continued rising to offset the sharp decline registered by foreign-invested firms. Such impressive results are thanks to the fact that Vietnam has been able to capitalise on signed free trade agreements along with enterprises’ resilience and rapid adaptation amid a highly unstable supply of input materials. Manufacturing, one of the main economic drivers, has sustained… Read full this story
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