The benefits of Vietnam’s handling of the covid crisis
Since the beginning of the year, the world has been hit by the Covid-19, a virus that caused more than 370,000 deaths and. From an economical point of view, the pandemic has for effects to increase the fear of people, who tend to be more careful, and then to decrease the world consumption. It is also the case for businesses, which see their activity decrease and their products/services sell more difficult, also because of the lockdowns which have been implemented in several countries.
However, some countries are an exception to this generality. One of them was able to handle this crisis very well: Vietnam. Indeed, as soon as the first cases of infection in China, the source of the pandemic was announced, Vietnam was able to react quickly by imposing border controls, social distancing, taking the temperature in public places, isolate suspected cases of infection.
And these actions are now felt like a positive impact on the activity of the country! Vietnam is one of the few countries to have no deaths, out of a total of about 328 cases. While many countries had to organize quarantine and to stop their economies during few months, the shops in Vietnam have been able to stay open and to continue their activity almost normally, the schools have reopened 1 month ago and the inhabitants keep hanging out as if nothing happened, which is the case here.
Vietnam’s economy is predicted to grow by 2.7 percent in 2020, making it the overall best Covid-19 performer globally.
From an investment perspective, investor confidence and trade deals are not affected as investment projects are for the medium to long term. Finally, the most affected sectors, tourism, and the export of agricultural products represent only a modest share of national GDP. Growth could be influenced but to a limited extent.
Vietnam turns out to be the ideal destination today for those who wish to develop their activity, a sort of El Dorado for businesses. It represents a great opportunity, mostly for companies from countries that have been impacted by the COVID crisis, to catch up on the losses.
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