The economy that covid-19 could not stop
Trade and foreign investment helped Vietnam emerge from extreme poverty. Can they make it rich?
HAVING IMPRESSED the world by taming the virus last year, Vietnam is now in the middle of its worst outbreak of covid-19 by far. Parts of the country are in strict lockdown and a swathe of factories, from those making shoes for Nike to those producing smartphones for Samsung, have either slowed or shut down, disrupting global supply chains. Yet integration with global manufacturing has kept Vietnam’s economy humming during the pandemic. In 2020 GDP rose by 2.9% even as most countries recorded deep recessions. Despite the latest outbreak, this year could see even faster growth. The World Bank’s latest forecasts, published on August 24th, point to an expansion of 4.8% in 2021.
This article appeared in the Finance & economics section of the print edition under the headline "The special sauce"
Finance & economics September 4th 2021
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