Int’l. media impressed with Vietnam economic successes amid pandemic

International media looked into factors that led to Vietnam’s economic successes at a time when the Covid-19 pandemic is plunging the world economy deep into recession.

International media praises Vietnam for its economic achievements during the Covid-19 crisis.

Japan-based Nikkei Asia attributed Vietnam’s positive economic growth this year to the resilient and quick recovery of the production sector amid a sharp decline in global demand.

Meanwhile, the country’s diversification of export markets and the signing of new free trade agreements, including the EU – Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), are set to open up new doors for further economic growth.

Financial Express (India) cited a report from the Economist Intelligence Unit (EIU) as saying that “Vietnam has emerged as a low-cost manufacturing base in Asian supply chains, beating India and even China in indicators, including foreign direct investment (FDI) policy and foreign trade and exchange controls.”

Vietnam’s incentives for international firms for setting up units to manufacture hi-tech products, pool of low-cost workers and proliferation of free trade agreements, place it at an enviable position among Asian peers, the report suggests.

Malaysia’s The Star highlighted a number of member companies of the Vietnam Food Association (VFA) have signed many export contracts in the early days of 2021 with European partners and those from member countries of the RCEP that Vietnam signed in November last year.

The Jakarta Post of Indonesia praised the rise of e-commerce in Vietnam during the Covid-19 pandemic, saying while cash remains a dominant payment method in the country, the number of mobile payment transaction in the country as of August 2020 surged by 980% compared to the same period of last year.