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  • Writer's pictureArnaud Piorkowski

Vietnam's Economy to Grow Fastest in Southeast Asia Despite COVID-19

Updated: Dec 9, 2021

  • Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia, despite the impact of COVID-19.

  • The government launched a US$10.8 billion credit support package in March to combat the crisis.

  • After COVID-19, the economy is expected to rebound at a growth rate of 6.8 percent in 2021 with continued strong growth.

Vietnam’s economy has shown strong growth in 2019 due to high domestic demand, a strong manufacturing industry, and high Foreign investment. The second outbreak of COVID-19 in March started a new phase in the fight against the pandemic.Regardless of the impact the pandemic, Vietnam is forecast to be the fastest-growing economies in Southeast Asia in 2020, predicting GDP Growth rate despite COVID19 at 4.8% and forecasting a 6.8% in 2021.

To combat the crisis, the government has launched credit support to help companies to go through this tough period.

It is expected that Vietnam economy will bounce back after the pandemic and will continue to go strongly for a long period, driven by an emerging middle class and the rising number of households. As a result domestic business environment is expected to improve rapidly, opening opportunities to foreign companies willing to invest in this close to 100 million population market. Trade agreements in which Vietnam participate will also support market access.

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