Last year saw the national economy worth US$343 billion compared to Singapore’s US$337.5 billion and Malaysia’s US$336.3 billion, ranking 40th globally and fourth in the Association of Southeast Asian Nations (ASEAN).
As part of their latest forecast, the International Monetary Fund (IMF) and the Asian Development Bank (ADB) anticipate that the Vietnamese economy will outpace both Singapore and Malaysia this year.
Despite the negative impact of two waves of the COVID-19 pandemic during the first half of the year, especially on industrial hubs, the nation still recorded gross domestic product (GDP) growth of 5.64%. In addition, its export revenue rose by 28.4% over the same period from last year.
Although GDP expansion came in lower than the target set by the Government, it was much higher than 1.82% recorded during the same period last year.
This therefore shows that effectiveness of policies, strategies, and directions from central to local levels, including the implementation of “dual targets” of both containing the pandemic whilst ensuring socio-economic development.