Vietnam and South Korea Economies Relatively OK in 2020 Pandemic

Vietnam has increased its 2020 GDP growth target to 3.0% according to the VN Express. The target is 0.5 percentage points higher than the target announced last month.

Vietnam has been among the most successful countries at containing Covid-19. They stopped COVID in March and July.

Vietnam’s GDP growth fell to a 10-year low of 2.12 percent in the first nine months. The US appears like it will shrink by 4% in 2020 and Europe could shrink by 8%. In 2019, Vietnam had 7.0% GDP growth.

South Korea is doing fairly well with an estimate of -0.8% GDP growth for 2020 from the IMF. This estimate was increased from the previous estimate. South Korea has 25% of its trade with China. China is expecting about 3% GDP growth for 2020. South Korea has also had very good handling of the pandemic.

Written By Brian Wang,