Vietnam is the only Southeast Asian country identified by the International Monetary Fund (IMF) to be on track for economic growth this year, forecast at 2.4 percent.
The IMF attributed the country's decisive steps to contain the health and economic fallout from COVID-19 for its success.
Vietnam has had only 1,288 Covid-19 cases and 35 deaths.
The IMF is also predicting a 6.5percent growth for Vietnam in 2021, as the normalization of domestic and foreign economic activity continues.
Vietnam lacks the health infrastructure of wealthier countries but more than made up for it with astute public health measures that quickly brought COVID-19 numbers under control.
Among the measures was the timely development of testing kits, utilization of a combination of strategic testing, and aggressive contact tracing.
While Vietnam experienced slower economic growth this year with its badly hit, it has avoided the worst effects of the pandemic.
According to Michael Kokalari, the chief economist for Vinacapital, among the factors allowing the country to cushion the blow was the huge increase in the number of people working from home globally.
Consequently, it spurred demand for Vietnam-made laptops and office furniture.
Vietnam’s exports to the US increased by 23 percent in the first three quarters compared to the same period in 2019, with electronics exports up 26 percent.
The increase in labor costs in China and the ongoing US-China trade war also prompted many multinationals to start operating in Vietnam, including the likes of Apple and Samsung.
The pandemic also showed more companies to consider manufacturing in Vietnam due to the need to diversify their supply chains, noted Kokalari.


Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets
U.S. Stock Futures Mixed as Tech and AI Stocks Face Pressure Ahead of CPI Data
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly
Oil Prices Slip in Asia as 2026 Supply Glut Fears and Russia-Ukraine Talks Weigh on Markets
China’s November Economic Data Signals Slowing Industrial Output and Weak Consumer Demand
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 



