Vietnam’s economic growth picked up in the third quarter, boosted by a rally in exports as the country slowly emerges from a COVID-19-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 quarters, gross domestic product expanded just 0.36 percent year-on-year in April and May, although that was better than most countries which suffered painful contractions.
Photo: EPA-EFE
However, the Vietnamese General Statistics Offices (GSO) yesterday said that the economy grew 2.62 percent in the July-to-September period.
The figure was helped by a surge in exports, which were up 34 percent from the previous quarter, and up 11 percent year-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 that the country’s economy would grow 2.8 percent this year, 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 1,077 COVID-19 cases and 35 deaths, with no community transmissions in nearly a month.
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