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  • 27 September 2021

4 factors that Vietnam must consider when applying its economic development strategy during COVID-19

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At the webinar “Impacts of the Covid-19 pandemic on the economy and options for Vietnam” organized by the International Association of Vietnamese Economists (ISVE) on the night of July 24, Prof. Doctor Dinh Xuan Anh Tuan, University of Paris Décartes, said that although the number of infections in Europe and the US has continuously increased in recent times, countries are leaning towards the scenario of living with Covid-19.

Vietnam needs to have a plan to prepare for living with the Covid-19 epidemic. However, to do this, four factors need to be considered. These are the infection rate, the rate of severe disease, the vaccination rate, and the response capacity of the health sector.

Protect economic centers

The bad thing is that this disease outbreak has hit the major economic centers and production bases of the country: Bac Giang, Bac Ninh. Some industrial parks are temporarily closed, where large companies such as Foxconn, Samsung, and Apple have tens of thousands of skilled workers and experts. In particular, Ho Chi Minh City, the most important economic center in the country, is falling into the fourth epidemic spiral with a much larger scale than the previous three epidemics.

Recovery but not sustainable

Some researchers argue that Vietnam’s statistics are too thin to believe that the country’s economy does not “face heavy economic losses due to having to concentrate too much effort and resources to control the virus”, as Gareth Leather, senior Asia economist at Capital Economics, told Bloomberg on June 29, 2021.

In particular, in the short term, priority should be given to the fields and industries that produce essential goods and food to avoid disrupting enterprises’ supply chain and production chain. Along with that is the maintenance of the labor force in the industries with export strengths of Vietnam to keep pace with the recovery momentum of significant partners such as the US, Europe…

(Source: vneconomy)