While it may be too early to count victories in this coronavirus pandemic, Vietnam has probably moved further than its Southeast Asian neighbours along this front.
Analysts largely agree that Vietnam, with one of the lowest per capita gross domestic products within Asean, has punched above its weight in terms of its response to the pandemic. In its March 12-14 survey, well over 80 per cent of Vietnamese respondents expected things to return to normal by June, making them more optimistic than respondents in the United States, Italy, France, Russia, Japan and India.
Unlike Thailand, which is giving out a 5,000 baht monthly support for those who lost their jobs, and Singapore, which has various financial reliefs including a one-off $600 handout to every adult to tide over this period, Vietnam has considerably less fiscal means to extend long-term bailouts because it consistently runs up budget deficits, say economists.
"The government's policy cannot reach these people, because they do not belong to any target group specified," said Dr Pham The Anh, who heads the macroeconomics unit at the National Economics University in Hanoi.
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