In its latest "Asia Economics Quarterly" report, the Hong Kong Shanghai Banking Corporation (HSBC) said Vietnam posted the fastest growth in Asia in 2020 and will once again be among the star performers in the region in 2021.
Vietnam is recognized as a role model for its pandemic control measures, and for achieving an economic growth of 2.91 percent in 2020. The economy has maintained growth for three decades, overcoming the Asian financial crisis and global financial crisis, stepping to becoming a middle-income country from an impoverished society. The big question is: will the country maintain the economic miracle?
Vietnam's rapid economic development has been driven by a range of factors. Vietnam's exports to the US surged 29.1 percent in 2019 and 24.5 percent in 2020. With exports valued at $76.4 billion in 2020, Vietnam has become the second largest source of imports of the US. The large trade surplus with the US has ensured Vietnam's overall trade surplus reached consecutive growth in five years, reaching a record high of $19.1 billion in 2020.