(VOVWORLD) - Vietnam’s economy is projected to grow 3% in 2020 and surge 7.8% in 2021 as rising consumption, improving confidence, and stronger manufacturing will drive growth in the fourth quarter (Q4), according to Standard Chartered.
Illustrated picture (Photo: VGP)
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United Overseas Bank forecasts that Vietnam’s GDP will grow 2.8% in 2020 and 7.1 percent in 2021.
Earlier, HSBC released an economic report entitled “Asia Economics: It’s about stamina”, in which experts said Vietnam's GDP growth rate will reach 2.6% in 2020. In 2021, HSBC forecasts that Vietnam will benefit from the global recovery and attract FDI inflows. HSBC expects Vietnam's economic growth in 2021 to reach 8.1%.
According to the Asian Development Bank (ADB), Vietnam will become the fastest-growing economy in the region.
Vietnam moved up to rank 12th in the 2020 Asia Power Index published by the Lowy Institute, a think tank in Australia.
The way Vietnam prevented the Covid-19 pandemic has placed Vietnam in a better position to recover economically. The latest Fitch Solutions has forecast that Vietnam's GDP growth will reach 8.2% in 2021