In the article, the author said that Vietnam's economy has grown impressively in 2019, exceeding the target set by the government, in the context of the persistent trade dispute between the US and China causing a negative impact on most economies in the world.
According to statistics published on December 27, Vietnam's GDP growth in 2019 reached 7.02%, exceeding the growth target from 6.6% to 6.8% the term of congress agreement has assigned. Meanwhile, the import-export growth rate is 8.1% (the plan is 7-8%), reaching the total import-export turnover of approximately 517 billion USD.
However, the author also cited a report of the World Bank (WB) showing that Vietnam's export growth in the past year has been steadily decreasing, from 21% in 2017 to 8%. Economic experts believe that this data reflects the fact that Vietnam's economy still cannot avoid the impact of external shocks.
Some argue that the short-term results achieved by developing economies like Vietnam may not be sustainable if the trade war between the US and China which are the world’s largest economies still going on.
Vietnam is one of the fastest growing economies in the Asia by area over the past decade. GDP growth of Vietnam's economy is mainly promoted by exports of apparel, footwear as well as high-tech products
Earlier this year, Vietnam signed a free trade agreement with the European Union (EU), promising to remove many tariff barriers and create conditions for maximum market access to each other. Expert Michael McAdoo of Boston Consulting Group (USA) said that the agreement will create a "good environment for trade and investment".