Although its forecast is lower than the Government’s 6.5-7% growth target for the 2021-2025 period, Fitch said newly-signed free trade agreements will help the country expand market access while avoiding any overdependence on a single trade partner.
Vietnam plans to prioritise the importation of machinery and high-tech equipment, it went on, adding that this requires an increase in skill levels, which may only improve slowly over the next decade.
Regarding infrastructure development, Vietnam plans to complete the eastern cluster of the North-South Expressway, the first phase of Long Thanh International Airport, and over 1,700 km of coastal roads from the northern province of Quang Ninh to the southernmost province of Ca Mau.
Meanwhile, economists from the Bank of America forecast economic growth of 9.3% for Vietnam in 2021 – substantially higher than the 6.8% projected by the World Bank./.
Source: VNA