The first half of this year saw a swift economic rebound as Vietnam’s pandemic restrictions eased following the adoption of a living-with-COVID strategy and a robust vaccination drive, according to an official article published by the International Monetary Fund (IMF).
Supportive policies such as low interest rates, strong credit growth, and the government’s Programme for Socio-economic Recovery and Development have been accompanied by strong manufacturing output and a recovery in retail and tourism activity. The IMF has recently raised Vietnam's growth forecast to 7 percent this year, lifting it by a full percentage point from three months earlier and the only significant upward revision among major Asian economies.
UKVFTA leads to surge in Vietnamese coffee exports to the UK. Statistics from the General Department of Customs show that Vietnamese coffee exports to the UK have varied month to month however, coffee exports to the UK in the first half of this year increased by 2.38 times over the same period last year.
According to the commitments of UKVFTA, 100 percent of tariffs were eliminated on January 1, 2021 for coffee, natural honey, fruit juices, fresh flowers, as well as both fresh and processed fruits and vegetables exported from Vietnam to the UK. Therefore, Vietnamese businesses must quickly take this advantage to promote their coffee exports to this market, according to the Ministry of Industry and Trade.
Last week highlight
Credit rating agency Moody's has upgraded Vietnam's rating from Ba3 to Ba2 thanks to its growing exports and manufacturing sector and changed its outlook from positive to stable. The increasing demand for Vietnamese exports through the pandemic underpins the growing competitiveness of the country's manufacturing sector, which has outperformed regional peers in attracting foreign direct investment and driven a rapid rise in per capita income, reported Moody’s. Vietnam's economy is expected to continue to benefit from FDI inflows and supply chain shifts in the Asia Pacific region.
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Let’s look at some other key financial and business headlines during the past week
- IMF optimistic about Vietnam's economic growth
- Manufacturing grows faster on recovering demand
- CPTPP holds potential for Vietnam’s tra fish exports
- Prospects bright for seafood exports to UK in rest of 2022
- Vietnam, Netherlands work together in sustainable aquaculture promotion
- Can Tho eyes investment from Dutch businesses in agricultural sector
- UKVFTA leads to surge in Vietnamese coffee exports to UK
- New-generation FTAs have positive effects on Binh Dinh's exports
- Domestic instant noodle consumption growing 20% annually
- PM calls for changes in procurement of pharmaceuticals and medical equipment