Vietnam’s economy grew 3.8 percent in the first quarter, the lowest figure in 11 years. The government estimates that 5 million workers nationwide have been laid off or furloughed due to the pandemic, and many more have seen incomes drop or disappear altogether. The hospitality and tourism sectors are having a particularly hard time as closed borders prevent foreign visitors from reaching popular destinations like Ha Long Bay and Hoi An. Manufacturing and exports face a double whammy from collapsing global demand and supply chain disruptions.
With the virus outbreak now apparently contained, Vietnam is looking anxiously at what comes next. As the slogan now shifts from “fighting the enemy epidemic” to “live peacefully with the pandemic,” what are the prospects for Vietnam’s economic recovery? The government is counting on a rebound in domestic demand, fueled by a rapid economic reopening, but can Vietnam’s economy fully recover given how dependent the country is on foreign trade, investment, and tourists? Can “Made in Vietnam” replace “Made in China”? How is the pandemic affecting Vietnam’s middle class? Should we expect a growth rate close to 2.7 percent as predicted by the IMF, or a rate of 5 percent recently promised by Prime Minister Phuc? Join AmCham for a Virtual Meeting on June 4 with the World Bank’s Lead Economist and Program Leader in Vietnam to address these important economic questions.
About the Guest Speaker:
Jacques Morisset is the World Bank Lead Economist and Program Leader for Vietnam. After receiving his PhD in economics from the University of Geneva, he has held various positions at the World Bank and IFC, while collaborating with the World Economic Forum. He has led or co-led lending operations worth over US$2 billion and advised governments on a wide spectrum of economic areas from financial markets, investment promotion, fiscal and tax policies to labor markets. Jacques has published in academic journals, including the World Bank Economic Review, Journal of Development Economics, and World Development. He was a member of the Board of the World Bank Economic Review.
AmCham Virtual Meetings provide members with unprecedented access to the political, policy, corporate, and institutional leaders whose expertise, insights, and experience shape the global business climate. Don’t miss this opportunity to hear the World Bank’s view on Vietnam’s economic outlook for 2020. This virtual meeting will use the Microsoft Teams platform. Please register your participation by clicking on the button below or by calling (84) 24 3934 2790. Registered participants will receive an email on June 3 with the URL link and instructions.