Australia supports Economic Reform in Vietnam (Aus4Reform)

Publications - Reports

8/2/2021

Viet Nam’s Economy in 2020 and Prospects for 2021: Innovation for Adaptation

Viet Nam’s Economy in 2020 and Prospects for 2021: Innovation for Adaptation

Viet Nam’s Economy in 2020 and Prospects for 2021: Innovation for Adaptation

The year 2020 witnessed complex factors affecting Viet Nam’s economy. Most notably, the complicated and unpredictable movement of COVID-19 pandemic has required Viet Nam, like other countries, to take unprecedented preventive measures (such as social distancing, border closures, etc.). These measures have significantly contributed to the success of Viet Nam in controlling the pandemics, but also brought about significant consequences to the economy. COVID-19 vaccine underwent a rapid development process for quick roll-out, despite concerns about accessibility. In such context, the Government of Viet Nam has targeted "dual goals", i.e., effective prevention of pandemic and alleviating difficulties for production and business. The business community and the people themselves had strong consensus with the Government's policy and actively adapted to the "new normal" state. The recovery program and, in longer term, the post-COVID19 development paradigm was also studied and discussed widely.

The report Viet Nam’s Economy in 2020 and Prospects for 2021 – Innovation for Adaptation, prepared by Central Institute of Economic Management with funding from the Aus4reform Program, serves several objectives, including: (i) to update, and review macroeconomic development and policy changes in 2020 with evidence-based analysis and perspectives of experts/Central Institute for Economic Management (CIEM); (ii) to elaborate on macroeconomic outlook for 2021; (iii) to provide in-depth analysis of selected economic issues; and (iv) to make recommendations on economic reforms (including institutional reforms) and on macroeconomic policies in 2021.

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