Vietnam seems to be the only economic bright spot in Asia thanks to a very good balance between public health and economic growth since the outbreak of the Covid-19 pandemic. The World Bank (WB) predicts that Vietnam will grow 2.8% by 2020, even as neighboring Asian countries are “struggling” to recover from the crisis.
When the Covid-19 epidemic broke out, Vietnam kept the impact of the pandemic to a minimum. As of December 1, Vietnam had only 1,351 confirmed cases of Covid-19 infection, 1,195 recovered cases and 35 deaths. After only 3 weeks of blockade in April, Vietnam has restored its production activities, faster than other countries in the region. According to an article in Nikkei Asia, “Vietnam has successfully controlled the Covid- 19. Rising exports help boost growth, as companies move production away from China. Export in October increased by 9.9% to 26.7 billion USD ”. In 2019, Vietnam’s merchandise exports accounted for 100.9% of GDP.
Vietnam strictly enforces measures to protect public health and only practices blockades in areas that are really “hot spots”. As a result, very few workers lose their jobs and consumer spending (accounting for 70% of GDP) remains stable.
According to the International Monetary Fund (IMF), Vietnam’s GDP per capita is $ 3,498, which will exceed $ 3,373 of the Philippines in 2020. It took Vietnam four decades to surpass the Philippines in this respect.
Mr. Sonny Africa, Executive Director of Ibon Foundation (a non-profit research, education and information development organization based in the Philippines), said that perhaps the key to Vietnam’s success in the current crisis This is Vietnam’s way to “respond to the pandemic to keep the economy growing”.