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Vietnam economic growth picks up as new virus outbreaks tamed

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Vietnam's economic growth picked up pace in the third quarter this year after hitting the slowest level in decades in the second quarter, official data showed on Tuesday, but remains significantly below the pre-pandemic period.

[HANOI] Vietnam's economic growth picked up pace in the third quarter this year after hitting the slowest level in decades in the second quarter, official data showed on Tuesday, but remains significantly below the pre-pandemic period.

With fewer than 1,100 coronavirus infections and 35 deaths, Vietnam has managed to contain new outbreaks in the community, allowing it to resume economic activity sooner than many other countries.

Gross domestic product growth in the third quarter likely accelerated to 2.62 per cent year-on-year, up from an expansion of 0.39 per cent in the second quarter, data from the General Statistics Office (GSO) of Vietnam showed. Second-quarter growth was revised up from 0.36 per cent.

Growth in the July-September period, however, remains significantly lower than an expansion of 7.31 per cent recorded at the same period last year, before the pandemic.

According to the GSO, Vietnam's exports in the first nine months of this year rose 4.2 per cent from a year earlier to US$202.86 billion, while imports fell 0.8 per cent to US$185.87 billion, resulting in a trade surplus of US$16.99 billion.

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Vietnam's consumer prices in September rose 2.98 per cent from a year earlier, the GSO said. Average consumer prices in the January-September period rose 3.85 per cent.

Industrial output in September rose 3.8 per cent from a year earlier, while total retail sales of goods and services in the month rose 4.9 per cent year on year, the GSO data showed.

Vietnam, which has not reported any domestically transmitted coronavirus infections for 27 days, has eased most of its social distancing measures and allowed airlines to resume some international commercial flights.

REUTERS

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