Vietnam's import-export turnover exceeds 500 billion USD in 2019 - Illustrative image The article said that the feat was achieved without a singlequarter of economic contraction at a time when many economies globally wereweighed down by the pandemic.
Not every Asian economy has reported fourth-quarter andfull-year economic numbers. But estimates compiled by CNBC from officialsources and institutions such as the International Monetary Fund showed Vietnamoutperforming all its regional peers last year.
The Vietnamese Government data showed that the country’seconomy grew by 2.9 percent last year from a year ago.
Bank of America economists are optimistic that the country’seconomic growth will accelerate this year.
The bank forecast the Vietnamese economy growing 9.3 percentin 2021 - a much higher growth rate than the 6.7 percent expansion projected bythe World Bank.
Vietnam’s manufacturing sector was widely credited for theeconomy’s outperformance last year, with production growing on the back ofsteady export demand. That’s a trend that will persist in the coming years, saideconomists.
According to Fitch Solutions’ December report, there willsee large scope for growth in Vietnamese exports in the years to come.
The Southeast Asian country has also inked several new tradeagreements - such as with the UK and European Union - which could further boosttrade flows, the consultancy said./.
VNA
