(VOVWORLD) - Singapore and Vietnam boast more faster-than-expected “V” recovery in ASEAN compared to the rest of the region, Singapore’s PropertyGuru on Monday quoted a report by Maybank Kim Eng.
VinFast car factory in Dinh Vu Industrial Park, Hai Phong city. (Photo: VNA)
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The article said Maybank’s economists attributed these “V” recoveries to generous government subsidies, low interest rates, high household savings rate, and work-from-home policies.
Vietnam escaped recession because the country’s manufacturing purchasing managers’ index has risen significantly quicker and stronger than its ASEAN neighbors. Exports and retail sales saw a brief contraction, and have since normalized. The strong pick-up in domestic business and transport activities resulted in a “V” recovery in freight transport, said PropertyGuru.