Effective containment of the Covid-19 pandemic and the recently ratified EU-Vietnam Free Trade Agreement (EVFTA) has reassured Manufacturing and Logistics investors around the globe. Investor confidence in Viet Nam is increasing, even in this difficult year.
In Q3/2020, upticks in Manufacturing and Exports saw gross domestic product (GDP) increase 2.62% year-on-year (YoY). Successful Covid containment and increased overseas demand helped accelerate recovery from the first half slowdown. Apart from China, Viet Nam will be the only major Asian economy expected to register positive growth in 2020, according to Oxford Economics.
Most export categories were down year on year (YoY), apart from computers, rice and furniture. Computer exports, up over 20% YoY were the leading performer. Over 9M/2020, overall export growth of 11% was up 34% QoQ for trade worth US$80 billion.
As most economies in the region showed negative growth, exports being up YoY not only confirms demand, but local production capacity advantaged by rapid pandemic containment. Apart from China and the USA, most overseas demand has softened.
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