Further fiscal and monetary policy interventions may be needed to support recovery of private demand, asserted the World Bank.

Key goals include continued strong economic growth, driven by manufacturing, and supported by a further integration into global supply chains through the pursuit of trade pacts and export market diversification.

Trade relations between Vietnam-Indonesia is expected to return to the upward trend from 2021 and onward, especially as the two are relatively complementary economies.

The upward trend in economic growth would continue to 2022 as the country’s economic growth may reach 7.2%.

Singapore’s priority is to enhance bilateral relations with Vietnam, especially during the complicated regional and global situation, Foreign Minister of Singapore Vivian Balakrishnan has said.

Hanoi’s mayor called for local governments to provide support for businesses affected by the pandemic, and review current existing supporting programs to ensure greater efficiency.

The fact that nearly 19,800 enterprises temporarily suspended operation in the first two months of 2021, up 60.5% year-on-year, has also contributed to a decline in tax revenue.

Phones and parts posted the largest export turnover among export items during January with US$6.1 billion, up US$3.4 billion against the same period of last year.

Amid heightened uncertainty, continued policy support is essential to bolster the nascent economic recovery and facilitate the transition to the post-pandemic new normal.