Economy to expand 5.8 pct if Covid-19 outbreak contained

By Nguyen Quy February 15, 2021 | 09:00 pm PT

Workers make garment products for export at a factory in the northern province of Hung Yen. Photo by Reuters/Kham.

Vietnam’s economy could grow by 5.8 percent this year in the absence of further community transmissions in the country, a think tank said.

The Vietnam Institute for Economic and Policy Research (VEPR) made its forecast based on the scenario that the Covid-19 outbreak in the country is brought under control in the remaining months and the domestic economy gradually resumes normality.

This growth rate would be lower than the government’s 6.5 percent target.

However, the Institute estimated the country’s GDP growth at only 1.8 percent should the new Covid-19 outbreak increase in severity and disrupt domestic economic activities.

Despite the Covid-19 pandemic, the Vietnamese economy grew by 2.91 percent.

Vietnam has recorded as many as 679 locally transmitted Covid-19 cases since community transmissions reemerged in the nation on Jan. 28 after 55 consecutive clean days.