Last week, the World Bank (WB) released a new forecast for Vietnam’s GDP in 2021. This figure is lower than the previous prediction in December 2020 due to the impact of the pandemic in recent times. In addition, the Ministry of Health has added the antiviral drug Molnupiravir to the list of medicines used in treating COVID-19 patients at home, tested in Ho Chi Minh City.
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WORLD BANK CUTS VIETNAM GDP GROWTH PROJECTION TO 4.8 PCT
The World Bank (WB) has projected Vietnam’s GDP to expand by 4.8 percent in 2021, two percentage points lower than its previous prediction in December 2020.
The figure was released on August 24 at the latest edition of Taking Stock – the WB’s biannual update on Vietnam’s economic performance – highlighting the financial pains associated with the most recent COVID-19 outbreak.
Vietnam has posted a robust economic performance of 5.6 percent in the first half of this year, but the latest wave of Covid with over 365,000 cases since the end of April has caused it to lower its projection.
In July, retail sales fell by 19.8 percent year-over-year (y/y), the most significant drop since April 2020, while the Purchasing Managers’ Index also declined significantly. On the external front, the merchandise trade balance turned into a deficit over the past few months while foreign investors have demonstrated some caution. In addition, it appears that disruptions in industrial zones and supply chains caused by the broad-based COVID-19 resurgence have forced exporters to close factories temporarily or delay production.
“Whether Vietnam’s economy will rebound in the second half of 2021 will depend on the control of the current Covid-19 outbreak, the effective vaccine rollout, and the efficiency of the fiscal measures to support affected business and households, and to stimulate the recovery” Rahul Kitchlu, the bank’s acting country director for Vietnam, said in a report released Tuesday.
But the bank assured that while downside risks have heightened, economic fundamentals remain solid in Vietnam, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5-7 percent from 2022 onward.
In addition to analyzing the recent trends of the economy, this edition, titled “Digital Vietnam – The Path to Tomorrow”, focuses on what Vietnam needs to do to realize its ambition of becoming one of the most advanced digital economies in the world. The COVID-19 crisis has accelerated the digital transformation of the local economy as an increasing number of businesses in Vietnam are now offering their services online. In addition, the government has also enhanced the digitalization of its procedures and databases.
Source: The World Bank
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VIETNAM TO USE ANTIVIRAL DRUG MOLNUPIRAVIR FOR TREATING COVID-19 PATIENTS AT HOME
The Ministry of Health has added the antiviral drug Molnupiravir to the list of medicines used in treating COVID-19 patients at home in a pilot program started in Ho Chi Minh City on 27/08.
At present, the domestic manufacturers of Molnupiravir are ready to sponsor the first batches of the drug with 16,000 doses. Some 100,000 additional doses will be given to Vietnam on September 5 (a combined 116,000 doses of Molnupiravir are equal to 2.32 million 400-milligram tablets).
Meanwhile, a shipment of 300,000 200-milligram Molnupiravir pills (or 7,500 doses) imported from India arrived in Vietnam on 23/08 afternoon, and an additional 1.7 million 200-milligram tablets were delivered on 28/08.
Amid the ongoing outbreaks in Ho Chi Minh City and some southern provinces, the program’s objective is to help ease pressure on hospitals and lower death rates. COVID-19 patients suffering mild symptoms will be advised by medical staff about the program. Those who agree to participate will be given a bag of medicine with detailed guidelines for their home-based care.
The program has been supported by domestic drug manufacturers, local corporations, the Vietnam Young Physicians’ Association, task forces, mobile medical stations in Ho Chi Minh City, and other units.
Source: Tuổi Trẻ News
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