Vietnam sole Southeast Asian economic winner during COVID-19 pandemic

- Vietnam is Southeast Asia’s only successful economy in the coronavirus era, maintaining steady positive growth while other countries struggle to recover, Nikkei Asia news magazine reported on Thursday. According to the article, Vietnam's real gross domestic product grew 2.6 percent in the third quarter, its second straight quarter of growth despite the pandemic. The International Monetary Fund (IMF) sees Vietnam rising to fourth in nominal GDP in ASEAN this year, passing Singapore and Malaysia and gaining on the Philippines.

In contrast to other ASEAN economies, Vietnam has succeeded in controlling the pandemic, Nikkei Asia said, adding that growing exports have helped to drive growth.

Vietnam’s success in fighting COVID-19 has minimized the pandemic’s impact on its economy, the Japanese weekly reported. It also said manufacturing has recovered faster than in neighboring countries, job losses were less, and consumer spending, which accounts for 70 percent of GDP, has remained solid.

Source: VOV5