AMRO: Vietnam’s GDP growth expected at 7 percent this year

Vietnam’s GDP growth is expected to rebound to 7 percent in 2021, driven by a recovery in external demand, a resilient domestic economy, and increased production capacity, according to the preliminary assessment by the ASEAN 3 Macroeconomic Research Office (AMRO).

VOV, VOVworld, AMRO, Vietnam's GDP 7%, forecast, AMRO, Vietnam's GDP 7%, forecastProduction assembly of VinaTex Hong Linh SJC at Hong Linh Industrial Zone in Ha Tinh province (VNA)

The office said that after a sharp drop in the second quarter, Vietnam’s economic growth started to rebound in the third quarter of 2020, with a broad-based recovery.

It said manufacturing activity was boosted by a robust export sector, which benefited from Vietnam’s relatively resilient export mix. Meanwhile, domestic consumption recovered following the relaxation of mobility restrictions, a result of the authorities’ effective COVID-19 containment efforts. Furthermore, the rebound benefited from an acceleration in the disbursement of public investment.

The office highlighted the necessity for greater fiscal support through both revenue and expenditure measures in order to support economic recovery if the growth momentum are to weaken, while targeted support to micro, small and medium enterprises and low-income households needs to continue and be regularly reviewed for its relevance and effectiveness.

Given the benign inflation outlook, the office said that it is essential that monetary policy remains supportive of economic recovery, keeping financing costs affordable for households and businesses. It is essential to ensure continued support for long-term development issues, such as infrastructure development, human capital development, social safety net, and particularly public health, while carefully managing risks to long-term fiscal sustainability, the AMRO said.

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