ADB believes Vietnam’s 2020 growth will still be highest in Southeast Asia
The Asian Development Bank (ADB) recently forecast that Vietnam’s economic growth this year would be 4.1 percent, 0.7 percentage points lower than its April estimate but still the highest expected in Southeast Asia.
A view of Ho Chi Minh City, an economic hub in the south of Vietnam (Photo: VNA)
Hanoi (VNA) - The AsianDevelopment Bank (ADB) recently forecast that Vietnam’s economic growth this year wouldbe 4.1 percent, 0.7 percentage points lower than its April estimate but stillthe highest expected in Southeast Asia.
It made the forecast in a regular update toits annual flagship economic publication, the Asian Development Outlook (ADO)2020, which was released in April.
Economic activity in Southeast Asia is expectedto contract by 2.7 percent in 2020 before growing by 5.2 percent in 2021.
Contractions are forecast in key economies ascontainment measures to address the COVID-19 pandemic have affected domesticconsumption and investment, including Indonesia (-1.0 percent), the Philippines(-3.8 percent), and Thailand (-6.5 percent).
It also noted that developing Asian economies will barelygrow in 2020 as coronavirus containment measures have hampered economicactivity and weakened external demand.
The ADB projected growth of 0.1 percent for theregion in 2020, down from the 2.2 percent forecast in April, which would be theslowest pace for the region since 1961.
It still maintained its 2021 forecast at 6.2percent but said GDP levels in the year would remain below what had beenenvisioned and below pre-crisis trends.
“Economies in Asia and the Pacific will continueto feel the blow from the COVID-19 pandemic this year, even as lockdowns areslowly eased and select economic activities restart in a ‘new normal’ scenario,”said ADB Chief Economist Yasuyuki Sawada.
“While we see a higher growth outlookfor the region in 2021, this is mainly due to weak numbers this year and this willnot be a V-shaped recovery. Governments should undertake policy measures toreduce the negative impact of COVID-19 and ensure that no further waves of outbreaksoccur,” he added./.
The World Bank (WB) released a report on May 27, offering policy recommendations to help Vietnam maintain quality growth through more dynamic firms, more efficient infrastructure, skills, and a move toward a greener economy.
Vietnam exported goods with an estimated value of 99.36 billion USD in the first five months of 2020, a year-on-year decline of 1.7 percent. Export turnover of domestic businesses maintained double-digit growth, however, of 10.4 percent, reaching 33.3 billion USD.
Economic growth in the ASEAN region could rebound to an average 8 percent in 2021 after falling into recession in the first half of 2020, a report suggested on June 8.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
A view of Ho Chi Minh City, an economic hub in the south of Vietnam (Photo: VNA) 
