Sustainable economic growth in Vietnam: challenges and opportunities of the coronavirus pandemic

Abstract

The article represents the experience of Vietnam in the fight against coronavirus and the impact of the COVID-19 pandemic on the country's economy. Historical and logical methods are applied to examine the spread of coronavirus in Vietnam and the government's response to the pandemic. The approach used by the authors us based on the sustainable development concept and distinguishing the concepts of sustainable economic growth and sustainable economic development. The main attention is paid to the analysis of the reasons to allowed Vietnam's quick taking control over the epidemic situation in the country. Based on the materials of international organisations and data from the General Statistics Office of Vietnam, the impact of the pandemic on industry is estimated in terms of its structure. The important roles of the national innovation system and the achievements in digital transformation are revealed in the fight against coronavirus. The opportunities and chanllenges for Vietnam to achieve sustainable economic growth and to join the group of new industrial countries after the coronavirus pandemic are proven on the basis of the Vietnam Research Institute's of the Bank for Investment and Development data and of the World Monetary Fund's forecasts about the prospects of Vietnam's economic growth. By comparison of industrial production for the first six months of 2020 and for the similar period of 2019 the limitations in the development of manufacturing industry are disclosed. The conclusions are made about the resistance of Vietnamese economy and its growth opportunity during and after the coronavirus pandemic. The results of the investigation may be used by researchers studying the problems of economic development and by policy-makers involved in economic planning of developing countries.