Vietnam hopes foreign investors can kick-start economy
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Significance The government targets 3.0-3.5% GDP growth this year, up from 2.9% in 2020 and despite a nearly 6.2% year-on-year contraction in July-September. A key factor in the fall was the imposition of a COVID-19 lockdown in Ho Chi Minh City, Vietnam’s economic hub, and surrounding areas. The restrictions were lifted at the start of October. Impacts Vietnam will be susceptible to further spikes in its COVID-19 transmission rates as migrant workers head for their hometowns and villages. Domestically developed vaccines could become available before the end of this year. With the country still closed to most visitors, tourism and hospitality will continue to struggle markedly through 2021.