Meanwhile, growth in Asia-Pacific was predicted at 3.2%.

According to WB experts, Vietnam’s success is the result of effective Covid-19 prevention measures, demographical advantages and a privileged position in the regional and global economic structure.

Foreign newspapers have highlighted Vietnam’s impressive success.

Japan’s Nikkei Asia said Vietnam’s GDP in the third quarter expanded by 13.67% year-on-year as exports to the US soared and personal consumption recovered. However, it also warned of falling exports to key markets and continued disruption of global supply chain as risks. Moreover, Vietnam also began producing semiconductor chips at home.

Reuters reported that FPT Semiconductor, a unit of Vietnam's leading tech company FPT, launched its first line of semiconductor chips used for Internet-of-Things in medical devices. The company aims to supply 25 million chips globally by 2023.

Lexology also described Vietnam as an ideal destination to carry out semiconductor manufacturing. The Vietnamese semiconductor market is expected to grow by 6.52% during 2021 – 2025 as more foreign enterprises shifted production to Vietnam due to its strategic location and advantages in shipping, competitive labour and production costs. Vietnam can now benefit from 13 free trade agreements the country is a signatory to.

In tourism, The Star wrote that in the first nine months of this year, foreign tourist arrivals in Vietnam neared 1.87 million, marking a 16.4-fold rise from the same period last year.

Data from the Vietnam National Administration of Tourism showed that from January-September, the total number of domestic visitors hit around 87 million, which underpinned the sector’s growth.

Vietnam’s GDP growth to be among the highest in SE as int’l organisations forecast

Vietnam’s GDP growth in 2022 and 2023 will be among the highest in Southeast Asian as shown in many international organisations’ forecasts and assessments on the Vietnamese economic outlook, Minister-Chairman of the Government Office Tran Van Son told a routine government press briefing in Hanoi on October 1.

Vietnam’s GDP rises by 13.67% in third quarter: statistics office

Vietnam’s gross domestic product (GDP) grew by 13.67% in the third quarter, according to the General Statistics Office (GSO).

Vietnam to lead GDP growth among major Asia Pacific economies

Vietnam is set to lead GDP growth among major economies in the Asia Pacific at 7.2% this year, but global inflation remains a threat to the region, the World Bank forecasts.

Vietnam forecast to reach highest GDP growth in Asia-Pacific in 2022

Despite moderation in July exports this year, Moody’s Analytics - a unit of Moody’s Corporation, has forecast Vietnam’s GDP growth in 2022 to reach 8.5% – the highest among its peers in the Asia-Pacific region.

Vietnam spends 4.9% of GDP on education

Vietnam spent 4.9% of its GDP on education in 2011-20, the Vietnam National Institute of Educational Sciences reported at a review conference Monday.

Source: VNA