VOV.VN - Despite Vietnam enduring a brief setback in 2021 due to the highly-infectious Delta variant of the COVID-19 pandemic, its economy has begun to recover since the end of last year, with exports recording an outstanding performance, Hong Kong (China)-based news outlet HK01 reported.
Data compiled by the General Department of Vietnam Customs indicates that the nation’s export volume in March reached US$34.71 billion, representing a 14.8% rise on-year. China Business News reported that Vietnamese shipments of mobile phones, electronics, computers and parts exceeded US$27.3 billion, with this being close to half of last year’s figure of US$57.54 billion.
Andrew Jeffries, country director of the Asian Development Bank (ADB) in Vietnam, reportedly stated that global investment flows have declined amid the pandemic and global geopolitical volatility. Despite this, foreign direct investment (FDI) flows into the country are likely to grow against this trend.
HK01 also touched upon Vietnamese economic relations with China, noting that over the past decade, the nation’s development has not impacted the northern neighbour’s employment, with Chinese exports and foreign trade still growing rapidly.
It quoted a Chinese economist as saying that the restructuring of the industrial chain has promoted the development of trade relations between both sides. Indeed, the country imports a large amount of raw materials or components from China for the purpose of assembly and exports.
According to Chinese customs’ statistics, bilateral trade between both sides surpassed US$200 billion for the first time in 2021, hitting US$230.2 billion, a year-on-year increase of 19.7%, whilst China’s trade surplus with Vietnam stood at roughly US$45 billion.
Most notably, the northern neighbour remains the largest Vietnamese trade partner and second biggest importer, whilst the country is also China’s largest trade partner in ASEAN.
HK01 went on to say that with an increase in vaccination rates and the “new normal” policy, the Vietnamese economy has stablised and recovered since the fourth quarter of last year. This year, exports will continue to be the main engine for the country’s economic growth. In addition to electronics, the labour-intensive textile and wood industries are also performing strongly.
Most economic experts anticipate that the nation’s economic recovery may be even stronger in the second quarter of the year, it continued. It is worth noting that the country announced the reopening of its borders to international visitors on March 15, with the move set to facilitate the return of international technical managers and provide a boost to the country’s manufacturing industry, it added.