Two tourists walk with their suitcases past closed shops and hotels on Hanoi’s highly popular Ta Hien Street, March 25, 2020. Photo by VnExpress/Giang Huy.
The International Monetary Fund has forecast Vietnam’s GDP to grow at 2.7 percent this year, higher than that of its regional peers.
It would strongly rebound to 7 percent in 2021, the IMF said in its “World Economic Outlook” report released on Wednesday.
Vietnam’s inflation rate is forecast to be 3.2 percent, lower than the 4 percent target set for the year, the report said.
The government targets annual GDP growth of 7 percent from 2021 to 2025 to make up for the slowdown caused by the Covid-19 pandemic.
In the country’s neighborhood, the Philippines and Indonesia are expected to grow at 0.6 percent and 0.5 percent this year while Thailand and Malaysia are bracing for a contraction.
“Assuming the pandemic fades in the second half of 2020 and that policy actions taken around the world are effective in preventing widespread firm bankruptcies, extended job losses, and system-wide financial strains, we project global growth in 2021 to rebound to 5.8 percent,” said Gita Gopinath, the IMF’s economic counselor and director of the research department.
The World Bank had earlier this month forecast Vietnam to grow at 4.9 percent this year while market research firm Fitch Solutions estimated it at 2.8 percent.
Vietnam recorded a decade-low GDP rate of 3.8 percent in the first quarter after non-essential businesses and tourist destinations were ordered to close.
Last year GDP growth was 7.02 percent, the second highest in a decade behind the 7.08 percent in 2018.
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I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn.
I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law.
I have published many articles on national newspapers and radio stations in Việt Nam.
In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship.
Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam.
I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN.
I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net).
I study the art of leadership with many friends who are religious, business and government leaders from many countries.
In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống).
In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success".
I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.
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