Vietnam emerges from pandemic crisis with strong exports

Container terminal in Ho Chi Minh City

Vietnam’s economic growth picked up in the third quarter as the country slowly emerges from a coronavirus-induced economic slowdown. The growth was boosted by strong exports due to a US-Chinese trade war that reshuffled goods flow in Asia.

With much of the world economy effectively shut down for long periods in the first and second quarter, Vietnam’s GDP expanded just 0.36 per cent year-on-year between April and May, though that was better than most countries which suffered painful contractions.

However, the General Statistics Office in Hanoi said on September 29 the economy grew 2.62 per cent between July and September due to a surge in exports, which were up 34 per cent up from the previous quarter, and eleven per cent year-on-year, Reuters reported.

According to the statistics data, Vietnam’s exports in the first nine months of this year rose by 4.2 per cent from a year earlier to almost $203 billion, while imports fell by 0.8 per cent to $186 billion, resulting in a trade surplus of around $17 billion.

Good management of the coronavirus crisis

After all, GDP growth in the July-September period remains significantly lower than an expansion of 7.31 per cent during the same period last year when there was no virus crisis.

With just 1,094 coronavirus infections and 35 deaths, Vietnam has managed to contain new outbreaks across the nation, allowing it to resume economic activity sooner than many other countries.

As of September 29, there were no domestically transmitted coronavirus infections for 27 days in the country, which had led to an easing of most of social distancing measures and the resumption of a number of international commercial flights.



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Container terminal in Ho Chi Minh City Vietnam’s economic growth picked up in the third quarter as the country slowly emerges from a coronavirus-induced economic slowdown. The growth was boosted by strong exports due to a US-Chinese trade war that reshuffled goods flow in Asia. With much of the world economy effectively shut down for long periods in the first and second quarter, Vietnam’s GDP expanded just 0.36 per cent year-on-year between April and May, though that was better than most countries which suffered painful contractions. However, the General Statistics Office in Hanoi said on September 29 the economy grew...

Container terminal in Ho Chi Minh City

Vietnam’s economic growth picked up in the third quarter as the country slowly emerges from a coronavirus-induced economic slowdown. The growth was boosted by strong exports due to a US-Chinese trade war that reshuffled goods flow in Asia.

With much of the world economy effectively shut down for long periods in the first and second quarter, Vietnam’s GDP expanded just 0.36 per cent year-on-year between April and May, though that was better than most countries which suffered painful contractions.

However, the General Statistics Office in Hanoi said on September 29 the economy grew 2.62 per cent between July and September due to a surge in exports, which were up 34 per cent up from the previous quarter, and eleven per cent year-on-year, Reuters reported.

According to the statistics data, Vietnam’s exports in the first nine months of this year rose by 4.2 per cent from a year earlier to almost $203 billion, while imports fell by 0.8 per cent to $186 billion, resulting in a trade surplus of around $17 billion.

Good management of the coronavirus crisis

After all, GDP growth in the July-September period remains significantly lower than an expansion of 7.31 per cent during the same period last year when there was no virus crisis.

With just 1,094 coronavirus infections and 35 deaths, Vietnam has managed to contain new outbreaks across the nation, allowing it to resume economic activity sooner than many other countries.

As of September 29, there were no domestically transmitted coronavirus infections for 27 days in the country, which had led to an easing of most of social distancing measures and the resumption of a number of international commercial flights.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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