The US’s imports from Vietnam accounts for 29 percent of the Southeast Asian country’s total exports. (Photo: VNA)
Hanoi (VNA) – The Vietnamese economy is growing again on the back of astrong rise in exports, Wall Street Journal reported.
First-quarter gross domestic product (GDP) picked up 4.48 percent year-on-year,and the recovery is being driven by a surge in goods and services sold abroad,which rose almost 20 percent from last year’s figure.
Sales to the US specifically are surging even faster, with no sign of aslowdown on the horizon, it said.
In the 12 months through January, the US’s imports from Vietnam accounted for29 percent of the Southeast Asian country’s total exports, far higher than theroughly 20 percent average before 2019.
Wall Street Journal stated that Vietnam emerged as a big winner from the shiftin global supply chains, saying some of those gains may not be repeatable, butthe US share of Vietnam’s exports will remain high for some time.
If the US’s economy grows 6.5 percent as forecast by the Organisation forEconomic Cooperation and Development (OECD), the North American nation’s importdemand will be strong, and it will keep the business brisk for export-focusedVietnamese companies.
The US newspaper also hailed Vietnam’s control of the COVID-19 pandemic amongthe most impressive in the world, particularly given the country’s incomebracket.
“Huge exposure to international commerce would be damaging during a more normalrecession, but in this one it has provided crucial economic ballast. Othercountries in the region will likely have to wait far longer to fully recovereconomic losses incurred during the pandemic,” it said./.
Prime Minister Nguyen Xuan Phuc pointed out the three key components of the socio-economic development strategy for 2021-2030 while speaking on the second day of a national teleconference on March 28.
Vietnam's stock market is expected to maintain its growth momentum of last year at 15-20 percent based on positive supporting factors, experts have said.
The Vietnamese economy continues to face many difficulties in the following quarters and the target of a 6.5 percent growth rate this year will be a great challenge as the global economy is still affected by the COVID-19 pandemic, head of the General Statistics Office (GSO) Nguyen Thi Huong has stated.
Though Vietnam’s outstanding consumer credit almost tripled over the last decade, its share of total outstanding loans is yet to keep pace with that of its regional nations. There is plenty room for improvement in the time to come, industry insiders have said.
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The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
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Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
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Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
The US’s imports from Vietnam accounts for 29 percent of the Southeast Asian country’s total exports. (Photo: VNA) 
