What are the main drivers of Vietnam's impressive economic performance?

Over the years, Vietnam has affirmed its name globally as a dynamic economy, attracting the active attention of many countries around the world.

The global economic landscape is changing rapidly and could impact emerging economies like Vietnam. (Photo: Viet An)

According to bnn.network , the logistics and export sectors are the main drivers of Vietnam's impressive economic performance.

With an efficient integrated network of air, sea and road transport services, Vietnam’s logistics industry has facilitated the exchange of goods across borders. This has attracted a large amount of foreign investment, contributing to the country’s economic growth.

In addition, the export sector continues to play an important role in the economy. Despite the decline in global trade due to the Covid-19 pandemic, Vietnam's export volume still increased by 6.5% in 2020. This is a testament to the resilience of the export sector.

Vietnam’s economy is also driven by rising labor productivity and technological advancement. The country has focused on developing a skilled workforce to meet the needs of a growing economy. Furthermore, promoting digitalization and digital transformation in the economy is also contributing to maintaining and even accelerating growth.

While forecasts for the Southeast Asian country's economic growth are positive, the road ahead is not easy.

The global economic landscape is volatile and could impact emerging economies like Vietnam. Therefore, the government needs to ensure prudent economic policies to maintain growth and minimize risks.

In addition, to ensure continued economic growth, Vietnam needs to focus on improving infrastructure and digital infrastructure, promoting the investment and trade environment, and focusing on sustainable development. The government also needs to improve the efficiency of the public sector for the economy to grow steadily.

Source