Vietnam And The Imf

TOMOYA ONISHI, staff writerMarch 29, 2021 12:11 JSTUpdated on March 29, 2021 14:31 JST | Vietnam

HANOI -- Vietnam"s National Statistical Office said on Monday that real gross domestic sản phẩm rose 4.48% from a year earlier in January-March.

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First-quarter growth remained the same as the fourth quarter last year, which stood at 4.48%. However, this year"s first quarter was up from the 3.68% recorded in the first quarter of 20đôi mươi.

Exports are the country"s key economic growth driver. Vietnam"s largest export market for smartphones và personal computers is the U.S., which comprises about 30% of the country"s exports at $21.2 billion & which grew 32.8% on year. Overall exports for the January-March quarter rose to $77.34 billion, up 22% from a year earlier.

Smartphones and parts were up 9.3%, totaling $14.1 billion worth of exports. The sector accounts for 18.2% of the country"s total exports. Samsung Electronics is the key contributor, as it operates two huge smartphone factories in the north và produces half of its global production in Vietnam. Samsung is also building a large research facility in central Hanoi lớn focus its investment in Vietphái mạnh.

Electrical products, computers & parts exports rose 31.3% on year lớn $12 billion as the pandemic continued và telecommuting increased. Sewing products, a major export, have also recovered. Personal consumption is also on a par with the previous year.


Companies based in China have been moving production to Vietnam to lớn avoid the effects of ongoing trade tensions with China under the new Biden administration. Vietphái nam as a whole has held baông xã the spread of COVID-19 since the beginning of 2021, & production has been svào.

On the other hand, there is no sign of recovery in tourism due to lớn Vietnam"s strict quarantine measures. Foreign tourists remained banned from entering the country in March.

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First-quarter growth, however, fell below the 5.12% expected by the government.

The impact of a COVID-19 cluster in the northern part of the country, including the capital city of Hanoi, weighed on GDP..

The jualkaosmuslim.comn Development Bank projects a 6.1% economic growth rate for Vietnam giới for the full year of 2021. The figure was 2.91% for the whole of 20đôi mươi, & continued lớn grow in spite of the coronavirus.

While the economy is booming, relations with the U.S. are a cause for concern. Vietphái mạnh was designated as a currency manipulator by the U.S. Treasury Department in December 20đôi mươi. As a result of the U.S.-Đài Loan Trung Quốc trade war và other factors, the U.S. trade deficit in goods with Vietnam giới ballooned to about $70 billion in 20trăng tròn.

Vietphái nam is America"s third-largest trading partner, after China và Mexiteo.

The Biden administration is also pressing Vietnam lớn correct the trade imbalance, although U.S. long-term interest rates are rising and Vietnam"s currency, the dong, is weakening. Although Vietnam has so far avoided imposing sanctions on North Korea, pressure from the U.S. is expected lớn continue. Yuta Tsukadomain authority at the Japan Research Institute, said, "A svào 1% will push exports down 1.2%."

The Biden government"s "current policies, such as increasing basic salary, and big economic stimulus packages in the U.S. are expected to help exports from Vietphái nam," Anh Psay đắm, an independent business growth và strategy adviser, told "But this will also increase imports from Đài Loan Trung Quốc, as Vietnam giới relies on raw materials from the neighboring country," he said. "In the short term, the U.S. is unlikely khổng lồ focus much on the currency issues compared to Trump"s administration."

"Vietphái nam và the U.S. need khổng lồ negotiate lớn find solutions to reduce the trade imbalance in the coming time," Le Dang Doanh, a Hanoi based economic expert told He also said trade between Vietnam giới và China will continue lớn grow. "Vietnam giới is having a huge trade deficit with China, & it is necessary to have sầu solutions to reduce the imbalance," he added.