BackStories » Vietnam » Vietnam’s Economy Expands by 6.8% in 2019, World Bank Says

Vietnam’s Economy Expands by 6.8% in 2019, World Bank Says

In a press conference held Tuesday, World Bank officials said Vietnam’s GDP has expanded by 6.8% in 2019, while public debt has fallen by almost 8% since 2016.

Among those speaking at the press conference was Ousmane Dione, World Bank Country Director for Vietnam, who said that despite Vietnam’s ongoing economic gains, reform remains necessary to realize the potential of capital markets.

“Addressing the financing constraints of firms should receive the greatest attention from policymakers if Vietnam wants to continue on its trajectory of rapid and inclusive growth and reach high-income status in the coming decades,” Dione said.

Dione made the announcements as part of the World Bank’s release of 'Taking Stock,' a report providing analysis and projections on Vietnam’s economic growth, which analysts say is remarkable amid the general decline of global economies.

Dione suggested that one of the main barriers to financial growth in Vietnam is access to credit and that, while the figures appear promising, export growth has actually declined, from 21% to 8% from 2017 to 2019.

Vietnam benefits, however, from a large overseas workforce. According to research by Vietnamese bank BIDV, overseas remittances from Vietnamese surged in 2019, with remittances from overseas workers in 2019 expected to hit US$16.7 billion.

In May 2019, Singapore-based DBS Bank said in a report that Vietnam's economy could overtake Singapore’s within ten years. What’s more, according to a report released in June by the Institute of Chartered Accountants in England and Wales, Vietnam is the fastest-growing economy in Southeast Asia.

Related Articles

in Vietnam

Vietnam Should Aim to Become High-Income Nation by 2045, PM Says

After Vietnam finished 2019 with impressive growth rates, leaders are optimistic that the country is on a stable trajectory to join the ranks of upper-middle-income or even high-income nations within ...

in Vietnam

Even With Stellar Pandemic Response, Vietnam's Consumer Confidence Drops Sharply

A recent survey found that the figure fell to its lowest point in roughly 20 years.

in Vietnam

IMF Predicts 2.7% GDP Growth in 2020 for Vietnam as Other Economies Contract

The COVID-19 pandemic will dampen Vietnam’s economic growth for 2020, though the country will be in a better position than most of its better-off peers.

in Vietnam

Planning Ministry Earmarks $2.6bn of Financial Aid for Workers Affected by Covid-19

Some major sectors of Vietnam’s economy have had to close to limit the spread of Covid-19, sending scores of workers into temporary unemployment. How will they be supported during this period of hards...

in Vietnam

ADB Adjusts Vietnam's Economic Growth Forecast to 1.8% Due to Covid-19

The coronavirus pandemic will continue to put the brakes on Vietnam's economy through the rest of 2020.

in Vietnam

Over 30m Workers in Vietnam Impacted by Pandemic: Labor Ministry

While Vietnam has thus far avoided serious public health impacts from the coronavirus pandemic, it has not escaped the economic ravages of the global emergency.