VIETNAM’S ECONOMY STANDS OUT IN ASIA PACIFIC

According to the latest reports of Fitch Ratings – an international credit ranking organization, Vietnam is an outstanding nation in the Asian market for its fine economic recovery and disease control capacity.

Vietnam is one of 4 countries in Asia-Pacific which are slated to gain the positive economic growth this year. Official data show that GDP in Q2 is estimated to increase 0.4% in spite of the adverse impacts on tourism and exports of Covid-19. The data suit with the growth forecast of 2.8% predicted earlier. As for this organization, Vietnam’s economy will be sped up in 2021 when the external demands, comprising exports and tourism, have recovered. In the post Covid-19 period, Vietnam has put forth economic supporting packages valued thousands of billions of VND to regain the economic fast growth. The assistance packages include tax deference and exemption, supports for workers and families stricken by the pandemic. As estimated by Fitch, the debt ratio is expected to increase to 42% in 2020, however, this forecast is still lower than the average of 59% other nations in the region.