Vietnam emerges from pandemic crisis with strong exports
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.
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...
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.
