Vietnam is expected to accelerate its economic recovery from the pandemic this year after having recorded a 2.6 percent increase in gross domestic products (GDP) in 2021, Singapore’s Business Times reported.
Hanoi (VNA) – Vietnam is expected to accelerateits economic recovery from the pandemic this year after having recorded a 2.6percent increase in gross domestic products (GDP) in 2021, Singapore’s BusinessTimes reported.
Once among the poorest countries in the world, its economyis now booming and the World Bank describes it as one of the most dynamic andemerging countries in the entire East Asia region, Business said in an articlepublished last week, calling Vietnam a “new Asian tiger.”
Singapore’s DBS Group Research forecasts Vietnam's GDP growth to reach8 percent in 2022, boosted by an accommodative monetary policy. TheInternational Monetary Fund (IMF) has predicted that Vietnam will climb threespots to rank third in GDP among ASEAN member states this year, thanks to the fast-growingmiddle class and the rise of ultra-rich people.
Knight Frank’s latest Wealth Report estimates there wereabout 19,500 high-net-worth individuals in Vietnam in 2020, defined as thosewith assets of at least 1 million USD, the article said. By 2025, that numberis expected to grow by almost 25 percent to top 25,000, it added.
Business Times attributed the robust growth of the economyto increasing flows of foreign investment into the country. Many Singaporecompanies, including CapitaLand and Keppel, have invested heavily in thecountry as they seize the abundant opportunities.
“Vietnam has long been known as Southeast Asia's codingfarm, where talent and wages are in a sweet spot for companies to use it as abase for their technical development,” it noted.
The article also referred to Vietnam as the largest solar powerproducer in Southeast Asia today with 16.6 gigawatts of installed capacity asof 2020. Vietnam's construction industry is set to continue its recovery in2022 as several large-scale infrastructure projects move through differentstages of development, it further said./.
Given the COVID-19 epidemic, the EU-Vietnam Free Trade Agreement (EVFTA), which entered into force in August 2020, has helped to boost two-way trade and buffer the impact of the economic downturn, according to an article posted on October 13 by The Business Times of Singapore.
The COVID-19 pandemic might not end this year and business sectors could not fully recover, however, the situation will be more positive than 2021 thanks to the adaptation to ‘new normal’ conditions, said General Director Nguyen Thi Huong of the General Statistics Office (GSO).
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
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.
Illustrative photo. (Source: VNA)
