Vietnam’s gross domestic product (GDP) grew 1.81 percent in the first half of this year, the lowest growth rate since 2011, according to data released on Monday by the General Statistics Office.
A rebounding economy and a new trade deal are reasons why the outlook for Vietnam is positive despite the coronavirus pandemic, said UBS Research.
Vietnam’s banking sector recorded 3.26 percent credit growth in the first six months of 2020 thanks to recovery in May, State Bank of Vietnam Governor Le Minh Hung told Thursday cabinet meeting.
Ho Chi Minh City, the development driving force of the country, has reported growth at 1.02 percent in the first half of this year, according to data from the Department of Statistics.
- Vietnam’s outlook is one of the brightest in Asia 1
- Vietnam’s Jan.-June credit growth slows to 3.26% on pandemic 2
- Vietnam biggest city’s economy expands 1.02% in 1H amid pandemic 3
- Da Nang's 1H economy contracts 3.61 percent, first time in two decades 4
- Fitch revises Vietnam’s 2020 GDP to 3% from 2.8% in previous forecast 5
- Vietnam posts $4bln trade surplus in six months despite public health crisis 6
Da Nang’s economy shrank by 3.61 percent in the first half, its first contraction in the 23 years since it became a central-level city.
Vietnam’s economy is expected to recover in the second half of this year to 3%, from 2.8% previously since the country appears to have contained the Covid-19 outbreak domestically.
Despite travel bans from several countries that affected trade activities, Vietnam reported a trade surplus of $4 billion during the first half of this year, General Statistics Office said.
Vietnam's consumer price index in June saw an increase of 0.66% against the previous month, but fell 0.59% from end-2019 and 3.17% year-on-year, according to the General Statistics Office.
Vietnam has attracted foreign investment of $15.67 billion as of June 20, witnessing a year-on-year decline of 15.1 percent, according to latest data from Ministry of Planning and Investment on Friday.
Vietnam’s economy is expected to grow 2.7% in 2020 while the world growth outlook for this year has been slashed to minus 4.9%, almost 2 percentage points below IMF April forecast.
Vietnamese government agency said Vietnam's plywood may be cleared of US duty circumvention accusations.
Vietnam’s economy is projected to grow 4.1% this year while economies in the region could face contraction between 0.5% to 6.5% due to impacts from COVID-19 pandemic, Asian Development Bank reported.
Exports of vegetables and fruits fetched more than $1.5 billion in the first six months of the year, a year-on-year decline of 14.5 percent, agriculture ministry reported.
Trade surplus in the first five months of 2020 was reported at $3.5 billion despite impacts from COVID-19 pandemic, according to the latest data from the General Customs Office.
COVID-19 pandemic has been taking tolls on Vietnam’s State budget collection since the Ministry of Finance estimated a five-month deficit of $1.1 billion from about $3.4 billion surplus a year earlier.
Trade Minister Tran Tuan Anh and EU Trade Commissioner Phil Hogan agreed in a phone talk to put the EVFTA into effect soon to help both countries to counter the coronavirus impacts.