November 04, 2020 | 19:20 (GMT+7)
Vietnam’s economy enjoys V-shaped recovery: Singapore paper
Vietnam and Singapore boast faster-than-expected “V” recovery compared to the rest of the ASEAN region, Singapore’s website propertyguru.com.sg cited a report by Maybank Kim Eng – the largest bank of Malaysia.
Maybank’s economists attributed the “V” recovery of the countries to generous government subsidies, low-interest rates, high household savings rate and work-from-home policies.
They noted that the only ASEAN-6 economy that escaped recession is Vietnam, as the country’s manufacturing purchasing managers’ index has risen significantly quicker and stronger than its ASEAN neighbors.
|
|
An auto production line of VinFast in Hai Phong |
Exports and retail sales saw a brief contraction, and have since normalized. The strong pick-up in domestic business and transport activities resulted in a “V” recovery in freight transport.
Meanwhile, Singapore’s economy is driven by surges in property transactions and semiconductor production and exports.
Source: VNA