The article noted that Vietnam’s current GDP growth rate of 2.9% is low by historical standards – it typically manages 6-7% – but is still ahead of every other major economy in Asia and remarkable given the damage the coronavirus pandemic has inflicted on the world.

Even at the peak of the crisis in the second quarter of last year, Vietnam managed a small positive growth and has recovered quickly since then. Vietnam’s success was the result of its government’s prompt and consistent actions and massive support from the Vietnamese people, which has won the confidence of investors, MoneyWeek wrote.

Keeping the pandemic in check while keeping most of the economy open most of the time is why Vietnam did well in 2020. Vietnam has done exceptionally well in moving up the manufacturing value chain, advancing from textiles 20 years ago to sophisticated electronics today, with factories now manufacturing flagship products for firms like Apple and Samsung. Relatively good education and skill levels in the workforce and government policies to attract foreign direct investment (FDI) were key factors, it said.

According to the article, Vietnam is in the period of “golden population”. The workforce is abundant, skilled, qualified, and experienced, and Vietnam has upgraded its infrastructure to meet long-term development needs.