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What are your expectations for the Vietnamese economic outlook for the rest of the year? Andrew Jeffries, country director for Vietnam at the Asian Development Bank (ADB) Despite the recent resurgence of the pandemic, Vietnam’s recovery prospects are expected to be strong in 2021. The rapid economic recovery of the US and China – two principal trading partners of Vietnam – would boost exports, which will spur the growth of export-oriented manufacturing. Exports grew by 30 per cent from January to May, and imports by 36 per cent from 2020 figures over the same time period. Manufacturing rose by 12.6 per cent in the first five months over the same period in 2020. E-commerce, health, and banking and financial services are expected to lead the growth of the services sector, which is another driver for growth this year. Successful containment of the pandemic has made Vietnam an ideal destination for foreign direct investment (FDI). Newly registered FDI in January-May … [Read more...] about Varied solutions available to contain pandemic impacts

First-quarter low growth seeks solutions The nation's economic growth in the first half of the year was at a rate lower than that targeted in the wake of the COVID-19 pandemic hurting production and business activities. The government is mulling over new solutions to drive the economy forwards, with some international forecasts still proving upbeat. Based on economic performance in the first five months of this year, the government has just reported to the National Assembly Standing Committee its fresh forecast that the economy’s total GDP in the first six months of this year will be nearly VND4 quadrillion (US$174.4 billion), up about 5.8% year-on-year, or 0.42 percentage points lower than the target of 6.22% as set out in the Resolution No.01/NQ-CP released on January 1 on the key tasks for the implementation of the socioeconomic development plan and state budget estimates for 2021. The 5.8% rise will also be 0.12 percentage points lower than the government’s … [Read more...] about VIETNAM BUSINESS NEWS JUNE 19

On June 10 U.S. President Joe Biden promised Washington would donate 500 million doses to help speed up the end of the pandemic. This is among one billion doses that leaders of G7 countries pledged to poor countries at their summit. Biden claimed there would be no strings attached, saying, "Vaccine donations don't include pressure for favors or potential concessions." Commenting on the move, Pham Quang Vinh, a former deputy foreign minister of Vietnam, said the U.S. and European countries have come a bit after China in providing Covid-19 vaccines to the world. "All are welcomed. We need more. So the volume of 500 million doses is huge." He said China pioneered the supply of vaccines in February when other countries were busy trying to contain the pandemic. Xinhua reported in early June that China provided (sold and donated) a total of 350 million doses to various countries. Vinh said according to media reports, Beijing sold much more than it donated. According to Nikkei … [Read more...] about US, China vaccine diplomacy crucial but will fade away: analysts