Vietnam's growth accelerated to 4.5 percent in the last quarter of 2020, resulting in an annual growth rate of 2.9 percent - making it one of the fastest growing economies in the world, according to the World Bank (WB).
Vietnam's growth accelerates to 4.5 percent in the last quarter of 2020. (Photo: Ha Noi Moi)
Hanoi (VNA) - Vietnam's growth accelerated to 4.5 percent in thelast quarter of 2020, resulting in an annual growth rate of 2.9 percent -making it one of the fastest growing economies in the world, according to theWorld Bank (WB).
In the January edition of its monthly Vietnam Macro Monitoring, the bank saidthe country’s industrial production and retail sales continued to expandsolidly, with growth rates close to pre-pandemic levels.
December 2020 marked another strong performance of merchandise trade, withdouble digit growth rate in imports (23.1 percent) and exports (17.8 percent),while FDI inflows slowed.
Consumer price index remained flat in December 2020, as food prices stabilised,while consumer demand has yet to fully recover from the crisis.
Credit growth picked up slightly after the State Bank of Vietnam cut policyinterest rates in October, ending 2020 at 10.1 percent.
Auctions and granting of land use and rental improved revenue collection in thelast quarter of 2020, while ample liquidity continued to lower the Government’sborrowing cost in the domestic market.
The approval and rollout of several COVID-19 vaccines at the end of 2020 raisedthe outlook of domestic and global economies in 2021, particularly for tourismand airlines.
The government will need to assess carefully when to unwind macroeconomicpolicies launched in response to the crisis to minimise negative impact on theeconomy, the bank suggested./.
The World Bank (WB) recently released a report in which it called on the Vietnamese Government to take urgent action to ensure future growth in the face of natural disaster risks.
Vietnam has set an annual growth target of 15-20 percent for the logistics sector, making up 8-10 percent of the country’s gross domestic product (GDP). Besides, logistics costs are also expected to reduce, equivalent to 16-20 percent of the GDP.
Cambodia's economy is projected to contract 2 percent in 2020 but recover to a four percent growth next year, the World Bank forecast in its latest economic update for Cambodia entitled Restrained Recovery.
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.
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.
Vietnam's growth accelerates to 4.5 percent in the last quarter of 2020. (Photo: Ha Noi Moi) 
