Outlook bright for Vietnam’s economy

Vietnam’s economic development is looking positive, with many opportunities opening up as the pandemic ends for businesses that are well prepared, economic analysts have said in recent times.

In the first nine months of this year, total import and export turnover of goods maintained high year-on-year growth, up 24.4 per cent to $483 billion. GDP growth is still positive, contributing to a brighter outlook for Vietnam’s economy.

The economy has quickly reopened and the transition to digital has begun since the government changed its policy on Covid-19 prevention in October. “The application of AI and other technology will help control the situation and help the country recover quickly in the shortest time possible,” said Mr. Truong Gia Binh, Vice Chairman of the Advisory Council for Administrative Procedure Reform.

Even though foreign investors still face difficulties, they anticipate growth momentum in Vietnam’s economy. Mr. Warrick Cleine, President and General Director of KPMG Vietnam and Cambodia, pointed out that Vietnam has created macroeconomic and social stability, and this will encourage more foreign investment, as foreign investors prioritize safe investment environments.

Other analysts suggested that domestic businesses transition to sustainable development and actively prepare for the new digital wave. Vietnam promises growth for foreign businesses in many areas, from auto imports to private education. Businesses should take advantage of the free trade agreements (FTAs) Vietnam has signed and consider merger and acquisitions (M&As) as a sound way to penetrate into the domestic market and build relationships with potential suppliers and partners, according to Mr. Alain Cany, President of EuroCham Vietnam.