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Vietnam’s economy enjoys V-shaped recovery: Singapore paper

Vietnam and Singapore boast faster-than-expected “V” recovery compared to the rest of the ASEAN region, Singapore’s website propertyguru.com.sg cited a report by Maybank Kim Eng – the largest bank of Malaysia.
Vietnam’s economy enjoys V-shaped recovery: Singapore paper ảnh 1An auto production line of VinFast in Hai Phong (Photo: VNA)

Hanoi (VNA) – Vietnam andSingapore boast faster-than-expected “V” recovery compared to the rest of the ASEANregion, Singapore’s website propertyguru.com.sg cited a report by Maybank KimEng – the largest bank of Malaysia.

Maybank’s economists attributed the “V”recovery of the countries to generous government subsidies, low-interest rates,high household savings rate and work-from-home policies.

They noted that the only ASEAN-6 economythat escaped recession is Vietnam, as the country’s manufacturing purchasingmanagers’ index has risen significantly quicker and stronger than its ASEANneighbours.

Exports and retail sales saw a briefcontraction, and have since normalised. The strong pick-up in domestic businessand transport activities resulted in a “V” recovery in freight transport.

Meanwhile,Singapore’s economy is driven by surges in property transactions and semiconductorproduction and exports./.

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