Vietnam to post highest GDP growth rate in Asia in 2021: HSBC
Vietnam stands out as the only ASEAN economy to achieve positive growth in 2020 and rebound to an 8.1 percent growth rate in 2021 – the highest in Asia, the Hong Kong Shanghai Banking Corporation (HSBC) said in a recent report.
Hanoi (VNA) - Vietnam stands out as the only ASEAN economy toachieve positive growth in 2020 and rebound to an 8.1 percent growth rate in2021 – the highest in Asia, the Hong Kong Shanghai Banking Corporation (HSBC)said in a recent report.
In the report titled “Asia Economics: It's About Stamina”,HSBC affirmed that despite many significant challenges, Vietnam's economy rose1.8 percent in the first half of 2020.
The government's efforts to contain COVID-19 significantlycontributed to the country’s economic achievements.
However, the resurgence of the pandemic in late July impededVietnam's initial goal to bounce back early compared to other countries.
With its success in suppressing the new outbreak, Vietnam isput in the top position among the ASEAN economies in terms of potential growthin 2020, HSBC said.
This year Vietnam's GDP growth is expected to reach 2.6percent, which is slightly lower than the previous forecast of 3 percent.
HSBC believes that Vietnam will benefit from thetechnology-led recovery and stable foreign direct investment (FDI) inflow inthe year to come.
Therefore, the Southeast Asian nation still has a positiveoutlook with expected economic growth of 8.1 percent next year, compared to theprevious projection of 8.5 percent.
“Vietnam’s growth rate this year is still quietly‘skyrocketing’ and will stand out as the fastest-growing economy in the regionby 2021," HSBC added.
HSBC is one of the world’s largest banking andfinancial service organisations./.
Vietnam’s economy is forecast to expand 1.8 percent in 2020 amid the coronavirus and bounce back in next year, while economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, according to a recent report released by the Asian Development Bank (ADB).
Asia Times on October 1 ran an article saying that the Vietnamese economy will soon recover after COVID-19 pandemic and become one of the best performers in the world.
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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.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
A corner of HCM City (Source: VNA) 
