{"id":18576,"date":"2021-10-04T15:39:56","date_gmt":"2021-10-04T08:39:56","guid":{"rendered":"https:\/\/www.cimigo.com\/?p=18576"},"modified":"2025-10-20T09:27:47","modified_gmt":"2025-10-20T02:27:47","slug":"vietnam-q3-2021-economic-performance","status":"publish","type":"post","link":"https:\/\/www.cimigo.com\/en\/trends\/vietnam-q3-2021-economic-performance\/","title":{"rendered":"Vietnam 2021 economic performance Q3"},"content":{"rendered":"

Vietnam 2021 economic performance Q3. Saigon emerges in October from the lockdown that spanned much of Q2 and all of Q3. The social and economic trauma is evident in the Vietnam Q3 2021 economic performance.\u00a0 It is felt deeply in job losses and economic progress.\u00a0 Compared to Q3 2020 GDP grew only 1.4%, retails sales declined, FDI decreased and the trade surplus narrowed. The manufacturing industry was hit hard but services suffered even more. There is much to be done to reach Cimigo’s forecast of 3.9% GDP growth in Q4 2021.<\/p>\n

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Learn more about the prospects for econmic recovery in Q4 here<\/a>. Consumer spending will only return to pre-pandemic 2019 levels after 18 to 24 months. This pandemic will force a sharp drop in discretionary expenditure.\u00a0 There will be GDP growth of approximately 2.4% in 2021. This is the lowest level since 1986 which recorded a 2.3% growth. It will be less than 2020 which recorded 2.9% and in sharp contrast to the 7.0% growth achieved in 2019.\u00a0 Consumer dynamism and economic growth will rebound unabated by mid-2023.<\/p>\n

The economic impact of Covid is unprecedented in peacetime, the impact in 2021 is a much harder impact than 2020.\u00a0 Consumer confidence has hit new lows, businesses have faltered, jobs have been lost and incomes reduced. \u00a0Many sectors will remain distressed, especially tourism, the airline, leisure and hospitality industry.<\/p>\n

Navigating Vietnam\u2019s economic recovery post-Covid in 2021 and beyond will be far harder than experiences to date.\u00a0 Cimigo estimates that 1.6 million jobs were lost in 2020 compared to 5.9 million lost in 2021.\u00a0 Many employees and micro and SME business owners have lost significant levels of income through salary reduction and revenue declines respectively. Cimigo estimate that household incomes diminished by 12% in 2020 and forecast that they will diminish by 38% in 2021.<\/p>\n

Visit AskCimigo<\/strong><\/a> and interrogate the report with our AI assistant.<\/p>\n

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