Vietnam and Other ASEAN Countries During the COVID-19 Pandemic

Abstract

The author analyzes the impact of the COVID-19 pandemic on the economy of Vietnam and other ASEAN member states. Although the mentioned countries experienced an economic downturn for the first time in 22 years in 2020, growth rates of macroeconomic indicators quickly recovered. Vietnam was able to withstand the pandemic shock better than other ASEAN members, despite the fact that it had the largest number of cumulative COVID-19 cases within the Association. During the first year of the pandemic, ASEAN coped with it quite successfully. However, the situation in Vietnam and ASEAN as a whole has changed dramatically with the appearance of the Delta strain in 2021. Vaccination in most ASEAN countries is successful (Brunei and Singapore are the best, Myanmar is the worst; Vietnam and Laos share the 2nd place), allowing to gradually reduce restrictions. Despite the pandemic, in November 2020, 15 states of the region signed the Regional Comprehensive Economic Partnership (RCEP) agreement. According to experts, Vietnam will benefit the most among RCEP member states.