Nov 26, 2020 / 11:22

Vietnam among most resilient economies in Covid-19

Vietnam is listed among only five countries on the rankings that are expected to enjoy economic growth in 2020.

Vietnam ranks 10th among the 53 most resilient economies in the Covid-19 pandemic, according to Bloomberg’s Covid-19 Resilience Ranking released Tuesday.

 Vietnam ranks 10th out of 53 economies in Covid-19. Source: Bloomberg

Vietnam recorded 74.3 scores out of 100, above some regional peers namely Singapore with 74.2, Thailand 70.2, Indonesia 66.1, Malaysia 61.4, and the Philippines 48.9.

The Covid-19 Resilience Ranking ranks economies of more than US$200 billion on 10 key metrics, including growth in virus cases, the overall mortality rate, testing capabilities and the forged vaccine supply agreements.

The capacity of the local health-care system, the impact of virus-related restrictions like lockdowns on the economy, and citizens’ freedom of movement are also taken into account.

Bloomberg said the result is an overall score that’s a snapshot of how the pandemic is playing out in these 53 places right now, adding that the ranking will change as countries switch up their strategies, the weather shifts, and other reasons.

 Only five economies on the Ranking are expected to grow in 2020. Source: IMF

Vietnam posted zero (0) in terms of one-month case per 100,000 people, one-month case fatality rate, and total deaths per one million. Meanwhile, its positive test rate is 0.1%.

Regarding economic growth, Bloomberg said Vietnam’s low-cost manufacturing sectors have propped up growth in those places as the wider slowdown fueled Western consumers’ demand for cheaper goods.

The International Monetary Fund (IMF) forecast Vietnam’s GDP growth for 2020 is at 1.6%. The country posted a decade-high growth rate of 7.08% in 2018 and 7.02% in 2019.

Vietnam, a country of 97 million people, has confirmed 1,321 cases and 35 deaths, and has undergone 85 days without locally-transmitted infections.