Russian expert commends Vietnam’s 2020 economic success

Cargo handled at Tan Cang-Thot Not port (Photo: VNA)

Hanoi – Professor Vladimir Mazyrin, leader of the Centre for Vietnamese and ASEAN Studies of the Far East Institute of the Russian Academy of Sciences, has described the results of economic development of Vietnam in 2020 as an extraordinary success.

In an interview with Sputnik, the leading Russian expert on Vietnamese economy said positive results were posted amid recession and general crisis.

“For example, within ASEAN, only three countries - Vietnam, Myanmar and Laos - have positive GDP growth. All other countries are red.”
Vietnam’s 2020 growth is estimated at 2.91 percent.

Prof. Maryzin said this is a great success, which will definitely help Vietnam rise to a higher position in all world rankings in the near future.

So Vietnam's success can be called a phenomenon, he added. Compared to the global average, the overall figure for 2020 is estimated to contract by 4.4 percent, in developed countries 5.8 percent and in developing countries 3.3 percent. Major analysts have pointed out Vietnam has some of the best indicators in the world.

The scholar stressed that economic achievements are largely due to Vietnam's success in its fight against COVID-19. In the country, social activities and production works go on as usual, and all of these things affect the economy.

The economic decline is very short, mainly in the second quarter - the peak of COVID-19 prevention measures, while the last two quarters saw increases of 2.69 percent and 4.48 percent, respectively. The rates are forecast to be even higher in the Q1 2021.

Although foreign investment declined by 25 percent, nearly 20 billion USD has been poured into the economy. The figure equaled to 98 percent of the targets for foreign investment registrations in 2019.

Meanwhile, Vietnam’s outward direct investment has increased 16 percent in the year.

The success of Vietnam's foreign trade has also been impressive, Prof. Maryzin added. Turnover, excluding the service sector, did not decrease as in many countries, but increased compared to last year, as imports increased by more than 5 percent and exports over 6 percent.

Trade turnover in 2020 is estimated at nearly 544 billion USD.

Russian experts said in 2020, all the declines in Vietnam are neither negative nor negative numbers. Therefore, Vietnam's GDP growth index in 2021 has been evaluated by both the Government and the world's largest organisations at 6-7 percent.