ZCZC
BCN-08
VIETNAM-ECONOMY-GROWTH
Vietnam’s growth climbs, resisting global downturn
HANOI, Sept 29, 2020 (BSS/AFP) – Vietnam’s economic growth picked up in the third
quarter, boosted by a rally in exports as the country slowly emerges from a virus-
induced slowdown.
Vietnam has long been one of Asia’s fastest growing economies, and it is heavily
reliant on exports, particularly after reaping the benefits of a trade spat between
Washington and Beijing over the past two years.
With much of the world economy effectively shut down for long periods in the first
and second quarter, gross domestic product expanded just 0.36 percent on-year in
April-May, though that was better than most countries which suffered painful
contractions.
But the General Statistics Offices said Tuesday the economy grew 2.62 percent in
July-September.
The figure was helped by a surge in exports, which were up 34 percent from the
previous quarter, and 11 percent up on-year.
However, the growth reading was still the slowest for a third quarter in nearly a
decade.
“In the context of the Covid-19 pandemic, which seriously affects all socio-economic
aspects of countries across the world, this is a great success for our country in
disease prevention, economic recovery and development,” the GSO added in a
statement.
The World Bank in July predicted the economy would grow 2.8 percent in 2020,
compared with expectations of a contraction in most countries around the world.
However that falls significantly short of the 6.8 percent target set by the
government before the pandemic.
Vietnam has recorded just 1077 coronavirus cases and 35 deaths, with no community
transmissions in nearly a month.
BSS/AFP/MSY/1346 hrs