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World Bank: Vietnam to grow 6.6 pct in 2021

The World Bank has forecast Vietnam to be among the fastest growing economies in the East Asia and Pacific region with a projected growth of 6.6 percent in 2021.

The growth will be based on a strong export performance and the recovery of manufacturing and services sectors, it says in its latest East Asia and Pacific economic update called “Uneven Recovery” released Friday.

The report says Vietnam and China are the two countries which are less affected by the Covid-19 pandemic, having deployed effective containment measures.

China is expected to grow 8.1 percent this year, while the rest of the East Asia and Pacific region is expected to grow by just 4.4 percent.

The report also states that countries that are heavily dependent on export and tourism will experience delays in economic recovery.

Apart from the World Bank, several other organizations have shown optimistic views on Vietnam’s growth in 2021. The Standard Chartered Bank has forecast Vietnam to grow at 7.8 percent this year, with manufacturing driving the revival.

The Asian Development Bank has forecast a 6.1 percent growth, the IMF, 6.5 percent, and HSBC, 7.6 percent.

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