Vietnam’s 2020 economy likely second highest in Asia-Pacific: S&P Global Ratings
Vietnam is likely to be the second best performer of economic recovery in Asia-Pacific, said a report recently released by S&P Global Ratings which revised up GDP growths of regional countries this year in the light of reviving trade and consumption.
Hanoi (VNA) – Vietnam is likely to be the second best performer ofeconomic recovery in Asia-Pacific, said a report recently released by S&PGlobal Ratings which revised up GDP growths of regional countries this year inthe light of reviving trade and consumption.
The US-basedcredit rating agency forecast Vietnam’s GDP to pick up 1.9 percent in 2020 and11.2 percent next year. China was predicted to see the highest growth, which was raised to 2.1 percent compared to 1.2percent previously. Its 2021 forecast, meanwhile, was cut to 6.9 percent from7.4 percent.
The S&PGlobal Ratings expected the Philippine economy to nosedive 9.5 percent thisyear, the largest fall inthe region, before bouncing back with a 9.6 percent growth the following year.India was predicted to be the second worst performer with a 9-percentcontraction in 2020.
In sum, theregional economy was expected to shrink by 2 percent this year while nextyear’s rebound would be 6.9 percent.
According tothe rating agency, employment is a decisive factor to regional recovery pace.In most cases, the employment rate will return to the pre-pandemic level in2022 at the earliest, it said. It also noted that Asia-Pacific’s economicgrowth would be stimulated by trade and production, but a full recovery would alsorequire improvement in the service sector./.
The recovery prospects look brightest for Vietnam and the country is expected to be the only Southeast Asian economy to record positive growth this year, according to the latest Global Economic Outlook report from Oxford Economics, commissioned by chartered accountancy body ICAEW.
Secretary of the Hanoi Party Committee Vuong Dinh Hue ordered departments, sectors and localities to remove bottlenecks for local businesses with a view to realising the 4.5-5 percent GDP growth target this year.
Vietnam’s economy is forecast to expand 1.8 percent in 2020 amid the coronavirus and bounce back in next year, while economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, according to a recent report released by the Asian Development Bank (ADB).
Thailand's economic recovery is expected to take longer than previously anticipated, mainly due to the drastic decline in foreign tourist numbers, says the Bank of Thailand (BoT).
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative photo. (Source: VNA)
