Insiders put trust in Vietnam’s economic recovery

Despite the challenges facing Vietnam in the fourth wave of COVID-19, many experts and businesses remain confident that the country’s economic outlook will become bright again soon.

Warrick Cleine, Chairman and CEO of KPMG in Vietnam and Cambodia, said Vietnam has secured macro-economic and social stability, a strength for the country to attract foreign investment and recover growth in many areas, especially when most of business leaders and investors are always attracted by a safe and predictable investment and business environment.

Apart from other advantages, economic growth stories and the interaction between the Government and the domestic and foreign business communities will also encourage business leaders and investors to access the market, he noted.

Predicting the recovery progress of the Vietnamese economy, Alain Cany, Chairman of the European Chamber of Commerce (EuroCham) in the country, held that thanks to solid fundamental factors, the economy will revive gradually in at least the next six months before the growth pace becomes stronger in the latter half of 2022.

Some sectors have still benefited from the outbreaks such as e-commerce, which posted a growth rate of 18% and revenue of over US$11 billion in 2020 and is forecast to continue enjoying breakthrough expansion this year.

Besides, the free trade agreements that Vietnam has joined are also expected to facilitate production and export activities in many industries like seafood, coffee, apparel, footwear, and mechanical equipment, Cany said.

Truong Gia Binh, Vice Chairman of the advisory council for reforming administrative procedures, head of the research committee for developing of the private economic sector, and Chairman of the FPT Group, said since the Government changed the anti-COVID-19 policy in October, the economy has reopened quickly.

The Government is planning a new relief package to help with economic recovery, and it has also been applying technology to put the pandemic under control, he noted, adding that more measures, including using artificial intelligence and technology, will be taken to quickly control the situation and shore up the economy.