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Market Update    IS VIETNAM THE NEXT “ASIAN MIRACLE”?
Denzity ● Feb 1, 2021 7:41:49 AM
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Vietnam continues to show ever-evolving potential and resilience under the adversity of COVID-19 as it is one of the world’s most successful countries in containing COVID-19 in the early stage and reopening the economy that allows businesses to resume, which has brought confidence and international recognition. Companies around the world are shifting their supply chains to be less dependent on China and diversify their risk in the wake of the coronavirus crisis and US-China trade war. Numerous tech giants such as Apple, Google and Samsung have already shifted their manufacturing bases to Vietnam.

On the other hand, Vietnam is now sizzling hot with foreign capital running in as the EU-Vietnam Free Trade Agreement (EVFTA) has brought several opportunities for Vietnamese exporters. The government has a strong pipeline in township and infrastructure development such as the expansion of MRT and airports to attract foreign businesses. With the Vietnam government gradually resuming its international commercial flights, an impressive V-shaped rebound for the Vietnam economy is predicted. Vietnam is the only Southeast Asian region that records positive growth in GDP and the Ministry of Planning and Investment even forecasts a GDP growth of 2%-2.5% this year.

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