Vietnam leads CLMV countries in economic recovery: Maybank Kim Eng
Vietnam appears to be leading the economic recovery among four emerging economies in ASEAN known collectively as CLMV (Cambodia, Laos, Myanmar and Vietnam), with exports and manufacturing already "far above" pre-pandemic levels, according to Maybank Kim Eng.
Singapore (VNA) – Vietnam appears to be leading the economic recovery among fouremerging economies in ASEAN known collectively as CLMV (Cambodia, Laos, Myanmarand Vietnam), with exports and manufacturing already "far above"pre-pandemic levels, according to Maybank Kim Eng.
In its recent report, the bank described recovery in the region as sluggish anduneven, noting that Vietnam now leads the region, Business Times of Singapore reported.
Vietnam had successfully averted a recession last year, with its export turnoverexpanding by 7 percent, it said.
In the first four months of 2021, the country’s export turnover rose by 28.3percent year-on-year, with strong gains in machinery, computer and electronicitems. Maybank maintained its forecast of 2021 full-year GDP growth at 6.5percent for Vietnam.
However, it is slashing its outlook for Cambodia to 4.2 percent from 5.9percent. Meanwhile, Laos is expected to grow 4.8 percent instead of 6 percent,and Myanmar could contract 8 percent instead of a growth rate of 3 percent.
According to the bank, the pace of economic recovery in all the four countrieshinges largely on vaccine rollout, but vaccine procurement has been achallenge./.
Vietnam will record positive economic growth in 2021, at around 6-7 percent, if the country continue support for vulnerable groups in the economy, as well as the freshly-rolled out vaccination campaign, said Jonathan Ostry, Deputy Director of the Asia and Pacific Department of the International Monetary Fund (IMF).
Vietnam’s stock market is expected to continue to grow, helped by strong economic growth and increasing local liquidity. The positive outlook will attract foreign investors back to the market, according to HSBC.
The World Bank in Vietnam has recently announced its updated report on Vietnam Macro Monitoring in May 2021, which states that most of Vietnam's economic indicators in April were good.
Vietnam’s GDP growth is expected to rebound to 7 percent in 2021, driven by a recovery in goods and service export, resilient domestic economy, and healthy investment inflows, according to the ASEAN 3 Macroeconomic Research Office (AMRO).
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The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
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ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
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Illustrative image (Photo: VNA)
