ANTI-CRISIS STATE REGULATION OF THE ECONOMY IN VIETNAM UNDER CONDITIONS OF COVID-19 PANDEMY

Keywords: economy of Vietnam, economic crises, COVID-19 pandemic, 2-2020 world economic crisis, state regulation of economy during economic crisis

Abstract

The article is devoted to the analysis of models of state regulation of the economy, which have been implemented in Vietnam during the COVID-19 pandemics period. The statistics of economic development (GDP and GDP per capita and other major social and economic indicators) during the COVID-19 pandemics period of the Socialist Republic of Vietnam are analyzed and several graphs and tables have been created for the scientific research purposes. According to the research data, it has been proved that Vietnam appeared to be one of the very few countries in the world, which managed to come with the positive economic growth in 2020 and to improve slightly its major economic indicators (like GDP, GDP per capita, especially in comparison to the world average level) showing about 2% rate of economic growth. Throughout the article the comparative analysis of successes and failures of different models of state regulation during the COVID-19 pandemics is given. The article provides comparative tables of the major social and economic indicators of Vietnam and other neighboring counties of South-East Asia. For the successful economic development of a country – political stability must be maintained in the country. In Vietnam, the leadership of the country decided not to divide society by political issues and disputes, but to focus on the economic development of the country, in order to overcome the economic backwardness, poverty, and to solve social problems. In conclusions of the article, the author claims that the experience of economic policy in Vietnam during the COVID-19 pandemic proved its effectiveness at the present stage of civilization development. The author points out that: Vietnam, despite its still relatively weak economic basis appeared to be able to struggle very effectively with the COVID-19 pandemics; The economy of Vietnam was able to overcome the economic difficulties related to the pandemics significantly better than the economies of most of the other countries in the world; The authorities of Vietnam were able to react effectively on the challenges of the pandemics: reorientation of foreign trade to new markets; on the background of international tourism restrictions, the Vietnamese authorities have decided to develop domestic tourism to support the country's economy; providing support for companies facing the effects of the pandemic; effective anti-epidemic policy in the field of medicine and establishment of manufacturing of relevant medical and anti-epidemic products. Vietnam's experience can be useful for many countries around the world, including Ukraine, in many respects: in state support of enterprises and state regulation of the economy during the crisis caused by the pandemic, in the mobilization of the medical sector in a pandemic, and so on. Summarizing the above written, we can point out that due to rather successful measures to combat the spread of COVID-19 and to support the economic growth in Vietnam, it is now possible to test the mechanisms of adaptation to the new post-pandemic era, which affects not only the economy but also the healthcare sphere. Minimizing the spread of the pandemic in the country is certainly a great success, but the final result of the struggle against the coronavirus will be largely determined by the state of the economy after the end of the pandemic in the world.

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Published
2022-06-28
How to Cite
Krasnopyorov, P. (2022). ANTI-CRISIS STATE REGULATION OF THE ECONOMY IN VIETNAM UNDER CONDITIONS OF COVID-19 PANDEMY. Economy and Society, (40). https://doi.org/10.32782/2524-0072/2022-40-24
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INTERNATIONAL ECONOMIC RELATIONS