Vietnam’s installed capacity is set to increase to about 70 gigawatts (GW) by end-2022 (2019: 55GW), led mainly by private players and other government-owned entities.
International trade remedies are used by many countries to protect their domestic industries, especially now production has stalled due to the impacts of COVID-19. With tax incentives from the new-generation free trade agreements (FTAs), including the newly-approved Europe-Viet Nam FTA (EVFTA), the risk of Viet Nam's exports being put under investigation for evasion of trade remedies is forecast to increase.
The Asia Development Bank (ADB) on Tuesday cut economic growth forecast for Viet Nam by 2.3 percentage points to 1.8 per cent in 2020.
While Vietnam’s economic outlook in the near term is dim, the country is showing stronger resilience than most comparable economies, stated the ADB.
Mid-autumn cake sales in this year season are forecast to be 10-20 per cent behind last year due to COVID-19, as major players are drawing up cautious business plans and small players are gradually losing their footing.
Market analysts and securities companies have varying forecasts for the stock market this week, saying investors should eye potential stocks at reasonable prices.
Viet Nam’s current account surplus could narrow to 3.7 per cent in 2020 from 4.9 per cent last year due to the impacts of the COVID-19 pandemic, according to Fitch Solutions.
Fitch Rating is still maintaining its growth forecast for Vietnam at 2.8% in 2020 and 7.5% in 2021, despite the Covid-19 resurgence in late July.
The pre-tax profit of the banking system in the second half of this year is estimated to fall 22.1 per cent compared to the same period last year due to an increase in provisions for risky loans in the wake of the COVID-19 pandemic.
Fitch Solutions forecast Vietnam to record real GDP growth of 3.0% in 2020, and the global economy to contract by 4.0%.