East Asia

The country still remains among the fastest-growing economies in East Asia and the Pacific, according to WB.

On an annual basis, the bond market expanded 19.0% year-on-year in the first quarter of 2021, led by corporate bonds, which more than doubled during the quarter.

Vietnam and China are the only two economies in East Asia and Pacific experiencing a V-shaped rebound where output has already surpassed pre-pandemic levels.

Government and corporate bonds comprised 82.8% and 17.2% of the local currency bond market, respectively, at the end of December 2020.

This growth was supported by expansion in both the government and corporate bond segments, stated the ADB.

In the East Asian and Pacific region, Vietnam ranked third after China and the Philippines.

The vision of freedom of navigation in Pacific waters was promoted to challenge China's assertiveness in the South China Sea.

This is mainly due to the government bond segment growing 10.5% quarter-on-quarter in the first quarter, to reach US$53.3 billion.

Over the medium term, Vietnam's growth is projected to rebound back to 7.5% in 2021 and converge at around 6.5%in 2022.

The deputy PM said Vietnam needs to mobilize domestic financial sources and credits to develop 8,000 megawatts per year.