Vietnam to be among top growth performers again in 2021: HSBC
Vietnam posted the fastest growth in Asia in 2020 and will once again be among the most outstanding performers in the region this year, according to the Hong Kong Shanghai Banking Corporation (HSBC).
Hanoi (VNA) – Vietnam posted the fastest growth in Asia in 2020 and willonce again be among the most outstanding performers in the region this year,according to the Hong Kong Shanghai Banking Corporation (HSBC).
Inits latest “Asia Economics Quarterly” report, HSBC said despite unprecedentedchallenges, Vietnam has strongly overcome the pandemic crisis. With apopulation of over 95 million, the country has managed to flatten the COVID-19curve much sooner and keep the infection tally at around 1,400 thanks to swiftand effective prevention efforts by State agencies.
Thoughthe 2020 GDP growth of 2.91 percent was the lowest in the recent decade, it wasstill assessed as a big success and among the world’s highest considering thecomplicated development of the COVID-19 pandemic.
Inflationdecelerated from 3.9 percent in the first three quarters to 1.5 percent inNovember compared to the same period of 2019 thanks to normalised good pricesand declined oil prices.
HSBCresearchers expressed their belief that Vietnam will benefit from tech-ledrecovery, sustained FDI inflow, and many free trade agreements signed.
However,they still slightly revised the country’s 2021 growth forecast down to 7.6percent, from the previous estimate of 8.1 percent, due to a prolonged recoveryin the tourism industry.
Theyheld that although the country is now ready to outpace other countries in theregion in 2021, there remain risks to its economic recovery.
Manyobstacles still exist in the tourism sector, HSBC said, noting though the worstmay have passed after the second quarter, tourism-related services likeaccommodation and transportation are still in a bleak situation as a result ofcross-border travel restrictions.
Thesecond wave of COVID-19 infections in late July was swiftly brought undercontrol, but it could make the Government more prudent in reopening borders andattracting international visitors. A meaningful tourism recovery is unlikely inthe time ahead until effective vaccines are available and there is a globalintegrated approach to international tourism, according to HSBC./.
Vietnam’s economy is expected to move to the 19th position in the rankings of the World Economic League Table in 2035, according to the Centre for Economics and Business Research (CEBR).
More than 1.48 quadrillion VND (64.2 billion USD) was collected for the State budget in 2020, equivalent to 98 percent of the target, according to the Ministry of Finance.
Professor Vladimir Mazyrin, leader of the Centre for Vietnamese and ASEAN Studies of the Far East Institute of the Russian Academy of Sciences, has described the results of economic development of Vietnam in 2020 as an extraordinary success.
Analysts from securities companies are optimistic about stock market movement during the first trading week of this year and betting the positive trend will continue.
Vietnam’s total revenue from retail trade and services reached over 5 quadrillion VND (219.5 billion USD) in 2020, representing a modest yearly rise of 2.6 percent, according to 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.
A garment factory in Vietnam (Photo: VNA) 
