Small and growing businesses are key contributors to Vietnam’s economic growth, accounting for 40% of GDP and 60% of total employment in 2018.
The Q3-2021 lockdowns affected about 28.2 million workers, including a loss of 2.5 million in jobs and an increase in the unemployment rate to a record high 3.7 percent.
Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5% from 2.6% in the year just ended, the World Bank’s economic update for Vietnam Taking Stock says.
According to Standard Chartered’s economists, exports should be supported in 2022 by a continued improvement in the global trade environment, although import growth is likely to remain high.
After over 1 month of operations in Ho Chi Minh City, GoCar is coming to Hanoi users, starting with the GoCar Protect safety and hygiene service line.
Mr. Rockhold has been living and working in Vietnam since 1992 and serves as the Chief Executive Officer of Chan May LNG JSC to implement climate change projects and help Vietnam meet its energy security needs.
While favourable base effects partly explained the surprisingly high growth, the level of exports nonetheless returned to the pre-Delta variant level. Among the most affected sectors, textiles have gradually recovered (up 25% y-o-y), but the footwear industry is still impacted (down 14% y-o-y).
Fading protection in 2021. Vietnam’s ability to guard against external risks has been strong over the years, thanks to its shift to a current account surplus, as its trade surplus widened. However, the protection is fading in 2021.
The pandemic exacerbated growing inequalities between skilled and unskilled workers, hurting low-skilled workers as well as middle-skilled workers, whose jobs face automation or being moved elsewhere.
Germany has already donated numerous vaccines and medical equipment to Vietnam this year. Germany will also support Vietnam with additional vaccine doses, bringing the total number of vaccines donated by Germany to Vietnam to over 10 million doses, he said.
Foreign direct investment (FDI), Vietnam’s key driver of growth,is still robust and was only marginally impacted given the serious lockdown that the country applied in 2021.
The upgrade on the bank's VR is driven by Fitch’s assessment that Vietnam's banking system operating environment (OE) factor score has returned to a pre-pandemic level of 'bb-' with stable outlook as the economic impact from the Covid-19 pandemic.
Fitch believes Vietinbank's asset quality performance is likely to benefit from an improving economic outlook, which will also have positive effects on its profitability.
The upgrade of Vietcombank's VR is driven by Fitch’s assessment that Vietnam's banking system operating environment (OE) factor score has returned to a pre-pandemic level of 'bb-', as business conditions have been substantially less severe.