And it did so without contracting economic growth in even a single quarter.
From data compiled by IMF other institutions, CNBC has said that Vietnam has so far outperformed all its regional peers in 2020. Many countries have yet to post data from the final quarters, yet Vietnam seems to have exceeded all estimates.
Vietnam's economy grew by 2.9% last year, beating China which put up a 2.3% growth rate. Vietnam's economic growth rate is one of the highest in the world for 2020, a year marked by huge economies entering into recession and negative numbers as the pandemic took its toil.
Much of Vietnam's success stems from extremely effective measures in controlling the novel coronavirus. Despite being China's neighbors, where the virus originated, Vietnam has reported only 1,500 cases so far and 35 deaths. Economists have projected that Vietnam's growth rate run will continue this year as well, as the country remains largely unaffected by the pitfalls of the spreading virus. World Bank has projected it's economy growing by 6.7% in 2021 while Bank of America economists have forecast a 9.3% growth, much higher than is expected around the globe.
The country's export sector, largely responsible for the growth, is expected to accelerate this year as demands continue pouring in. Over the past several years, Vietnam has been the beneficiary of supply chain relocation trend out of China.
NEPRA lowers KE tariff by Rs2.15/unit
Former Chinese President Jiang Zemin dies aged 96
Pakistan, EU agree to continue joint working to deepen bilateral ties
President Alvi calls to adopt humility for change in society
PM strongly condemns blast in Quetta
Federal cabinet reviews overall political, economic situation
Winter activity and political turmoil!
Government, opposition and public!
Present regime and dengue!
The repetition of history and the hidden sciences!
Whispers, rumors and rulers' narrative!
اسمبلیاں تحلیل کرنے کے بعد خان کا نیا ترپ کا پتہ کونسا؟ | Arif Hameed Bhatti Another BiG News | GNN
LIVE | Information Minister Maryam Aurangzaib Media Talk | GNN
LIVE | PTI Women Leaders Fiery Press Conference | GNN
LIVE | Finance Minister Ishaq Dar Strong Speech In Ceremony | GNN
پاکستان انگلینڈ سیریز ملتوی؟ بڑی خبر | News Headlines | 3 PM | 30 Nov 2022 | GNN
عمران خان کو کس نے کیا آفر کی؟ کپتان کا پلا کیا؟ l Yasmeen Rashid Reveal Imran Khan Offer Secret
World 1 day ago
Europol bust cocaine 'super-cartel' in Europe and Dubai, arresting 49
Pakistan 1 day ago
Gen Bajwa hands over baton of command to Gen Asim
Sports 1 day ago
Belgium-Morocco World Cup match triggers riots in Brussels
Business 1 day ago
Shell to buy Danish firm Nature Energy
Regional 8 hours ago
Two killed, 23 injured in Quetta suicide blast
World 2 days ago
Maryland small plane crashes into power lines; leads to blackout
Pakistan 1 day ago
Lt Gen Faiz Hameed retired from service premature
Regional 2 days ago
Pakistan Railway gets 46 modern passenger coaches from China