According to World Bank’s report, with a GDP growth of 2.8%, Vietnam will be among the fastest-growing economies in a Covid-19-ravaged world in 2020. The country will be one of only 3 nations in Asia that posted positive growth last year, the others being China and Myanmar. Although its 2.8%growth is lower than 2019’s over 7%, Vietnam is still a bright spot as the global economy is set to contract 4.4%, the report says.
In 2021, the market research firm Fitch Solutions has forecasted Vietnam’s GDP will expand by 8.6% – the highest in over two decades. Growth will be driven by industrial production and construction, supported by growing external demand following the commencement of the EVFTA and the UKVFTA last year, Fitch Solutions said in a report.
