Illustrative photo. (Source: VNA)

 The US-based credit rating agency forecast Vietnam’s GDP to pick up 1.9 percent in 2020 and 11.2 percent next year. China was predicted to see the highest growth, which was raised to 2.1 percent compared to 1.2 percent previously. Its 2021 forecast, meanwhile, was cut to 6.9 percent from 7.4 percent.

The S&P Global Ratings expected the Philippine economy to nosedive 9.5 percent this year, the largest fall in the region, before bouncing back with a 9.6 percent growth the following year. India was predicted to be the second worst performer with a 9-percent contraction in 2020.

In sum, the regional economy was expected to shrink by 2 percent this year while next year’s rebound would be 6.9 percent.

According to the rating agency, employment is a decisive factor to regional recovery pace. In most cases, the employment rate will return to the pre-pandemic level in 2022 at the earliest, it said. It also noted that Asia-Pacific’s economic growth would be stimulated by trade and production, but a full recovery would also require improvement in the service sector.

Zero percent offered to travel businesses affected by COVID-19

Tourists visiting Ho Chi Minh City. (Photo:

The Ho Chi Minh City Department of Tourism has proposed to add large-scale tourism businesses (with more than 200 workers) which met difficulties due to the COVID-19 pandemic to the list of 0% interest rate loans to pay salaries for workers.

In addition, the Department also proposed the city Department of Planning and Investment to host and associate with the Department of Culture and Sports and the Department of Finance to study and advise the city People’s Committee to realize some solutions to support tourism demand stimulus in 2020.

Specifically, free entrance is proposed to 4 attractions, including: War Remnants Museum, Ho Chi Minh City History Museum, Ho Chi Minh City Museum, and  Cu Chi Tunnels Historical Relic Area.

There will be a plan to support expenses to pay salaries in the four units from October to December 2020. 

Currently, the southern city has more than 1,000 businesses operating in travel services. Due to impacts of the pandemic, 90-95% of these businesses have suspended operations and cut staff. The rest with a scale of 200 people mainly operate in the accommodation block./.

Russia importers display Vietnamese products at WorldFoor Moscow 2020

At the event (Photo: VNA)

Vietnamese tea, coffee and coconut products are among those on display at the international trade fair WorldFood Moscow 2020 underway in the Russian capital from September 22 – 25, Vietnam News Agency reported.

This year, the products are displayed by two Russian importers since no Vietnamese firms are able to attend the event due to travel restrictions triggered by COVID-19.

Among the Russian exhibitors is Vietcoco Co., Ltd. based in Krasnoyarsk city, eastern Siberia. The company imports organic coconut products from Vietnam to distribute to local retailers, Director-General Anton Kudryatsev told a Vietnam News Agency correspondent in Russia.

The WorldFood Moscow 2020 is expected to provide an opportunity for the firm to seek partners in the retailing sector in Moscow, he said, adding that Vietnam is one of the world’s leading exporters of coconut and the product’s presence in Russia not only helps raise bilateral trade between the two countries but also boost its exports to the Commonwealth of Independent States (SNG) market.

The other is Sense Asia which sells tea and coffee grown in Vietnam under the brand of “Teapins” and “Mr.Viet,” respectively. The products are now available across Russia.

This year’s fair is attended by only ten countries due to the novel coronavirus./.