17-billion-USD trade surplus drives Vietnam’s growth

(VOVWORLD) - Vietnam's economy is recovering with growth forecast to reach 2.6% this year and 8.2% next year, according to Fitch Solutions’ report. 

Meanwhile, in a report titled ‘Asia Economics: It's About Stamina,’ HSBC also forecast that Vietnam's GDP growth is expected to reach 2.6% in 2020. HSBC believes that Vietnam will benefit from the technology-led recovery and stable foreign direct investment (FDI) inflow in the year to come. Vietnam still has a positive outlook with expected economic growth of 8.1% next year, the report said.

The Fortune has recently reported that upticks in manufacturing and exports helped Vietnam's GDP rise 2.62% year over year in the third quarter, accelerating the country's economic recovery from a slowdown in the first half of 2020 that was caused by COVID-19 pandemic.

Vietnam recorded trade surplus of 17 billion USD over the past 9 months of 2020. According to the General Statistics Office, the figure increased 2.3 times compared to the 7 billion USD amount last year.

Economists say the achievement is attributed to great contribution of domestic exporters which brought in 71.8 billion USD in revenue, up more than 20%.  Vietnam is said to remain a bright spot in economic growth against the COVID-19 context.