Nikkei asia review

Cat Lai traffic junction connects HCM City with provinces in the Southeast region of Viet Nam and the Northern provinces. — Photo hanoimoi.com.vn Viet Nam is predicted to record positive growth this year, especially in the context of US-China trade tensions that may persist in the coming years. As a leading financial newspaper run by Japanese media giants Nikkei Inc, Nikkei Asia stated that: “Southeast Asia's growth leader in 2021 may well be Viet Nam,” during a recent article detailing ASEAN's GDP forecasts for the year ahead. According to Nikkei, the country recorded economic growth of 2.9 per cent last year due to its success in containing the novel coronavirus (COVID-19), in addition to robust exports of electronics and other consumer products, with the nation reportedly targeting a growth rate of 6.5 per cent this year. Gareth Leather, senior Asia economist at Capital Economics, said that Vietnamese exports should continue to be supported by tariffs imposed by the US on Chinese goods. He noted that: "To avoid US tariffs, importers have shifted demand from China to alternative suppliers. With US-China relations likely to remain strained over the years ahead, this trend is likely to continue." The newspaper also stressed that before the pandemic, Southeast Asia achieved collective annual growth of approximately 5 per cent over the course of many years, therefore making it one of the world's best-performing regions in economic terms. According to media reports, the region has become an attractive investment destination, with a relatively young population that drives demand and provides plenty of manufacturing labour. Although these factors can be viewed as advantages that can boost economic growth, the region’s top priority in the short term is to stamp out COVID-19. Previously, many Japanese and international newspapers made positive forecasts about Viet Nam's economic prospects. In the article entitled Overcoming the COVID-19 pandemic, Viet …

[Read more...] about Viet Nam to take the lead in economic growth in Southeast Asia: Nikkei Asia

According to Nikkei Asia, Southeast Asia's six leading economies are expected to face diverging fiscal paths in 2021, with Vietnam, Indonesia and Malaysia gaining from pre-pandemic levels while Singapore, the Philippines and Thailand struggle to return to health. Nikkei compiled the International Monetary Fund's country-based projections for real gross domestic product, setting the 2019 figures as a baseline of 100. Vietnam, Indonesia and Malaysia all scored above the 100 mark for 2021, meaning their economies are seen expanding next year compared with the level before the coronavirus outbreak in 2019. Still, all six countries face continued uncertainties from the epidemic, as well as the new incoming administration in the US. Vietnam is forecast to lead the group with a projected growth index of 108.4. S&P Global predicts the Vietnamese economy will expand 10.9% in real terms in 2021, more than any other country in the Asia-Pacific, following a 2.91% uptick this year. The country was also the only one of the six to log real economic growth in 2020, thanks to its quick success in curbing the coronavirus pandemic. Its leadership also bolstered effective demand through public projects ahead of the Communist Party Congress that begins there in January. "Many global companies are flocking to Vietnam, which is a boon to its exports," said Yuta Tsukada at the Japan Research Institute. Given the low production costs in the country, Tsukada sees more companies shifting operations there from China, should the trade war between Washington and Beijing continue. Indonesia came in second with a growth index of 104.5. The so-called omnibus law on job creation signed by President Joko Widodo in November is expected to give companies greater freedom and help attract foreign investment when it takes effect. Malaysia, with an index of 101.3, could also see exports of mainstay products like electronics recover once the global economy stabilizes. Meanwhile, Singapore, …

[Read more...] about Nikkei Asia: Vietnam seen fully recovering in 2021

Cát Lái traffic junction connects HCM City with provinces in the Southeast region of Viet Nam and the Northern provinces. — hanoimoi.com.vn HÀ NỘI — Việt Nam is predicted to record positive growth this year, especially in the context of US-China trade tensions that may persist in the coming years. As a leading financial newspaper run by Japanese media giants Nikkei Inc, Nikkei Asia stated that: “Southeast Asia's growth leader in 2021 may well be Việt Nam,” during a recent article detailing ASEAN's GDP forecasts for the year ahead. According to Nikkei, the country recorded economic growth of 2.9 per cent last year due to its success in containing the novel coronavirus (COVID-19), in addition to robust exports of electronics and other consumer products, with the nation reportedly targeting a growth rate of 6.5 per cent this year. Gareth Leather, senior Asia economist at Capital Economics, said that Vietnamese exports should continue to be supported by tariffs imposed by the US on Chinese goods. He noted that: "To avoid US tariffs, importers have shifted demand from China to alternative suppliers. With US-China relations likely to remain strained over the years ahead, this trend is likely to continue." The newspaper also stressed that before the pandemic, Southeast Asia achieved collective annual growth of approximately 5 per cent over the course of many years, therefore making it one of the world's best-performing regions in economic terms. According to media reports, the region has become an attractive investment destination, with a relatively young population that drives demand and provides plenty of manufacturing labour. Although these factors can be viewed as advantages that can boost economic growth, the region’s top priority in the short term is to stamp out COVID-19. Previously, many Japanese and international newspapers made positive forecasts about Việt Nam's economic prospects. In the article entitled Overcoming the …

[Read more...] about Việt Nam to take the lead in economic growth in Southeast Asia: Nikkei Asia