Skip to main content

Advertisement

Advertisement

Business

Vietnam's growth climbs, resisting global downturn

Vietnam's growth climbs, resisting global downturn

Women wearing face masks ride past the Opera House in Hanoi on Apr 23, 2020. (Photo: AFP)

HANOI: 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.

READ: Vietnam to resume some Asian flights as curbs on business travel ease

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 per cent 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 per cent in July-September.

The figure was helped by a surge in exports, which were up 34 per cent from the previous quarter, and 11 per cent 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.

READ: Vietnam to buy Russian COVID-19 vaccine

The World Bank in July predicted the economy would grow 2.8 per cent in 2020, compared with expectations of a contraction in most countries around the world. However, that falls significantly short of the 6.8 per cent 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.

BOOKMARK THIS: Our comprehensive coverage of the coronavirus outbreak and its developments

Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram

Source: AFP/ad

Advertisement

Also worth reading

Advertisement