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Economy

Vietnam economy rebounds, passing the bottom of the V shape

Xuan Thinh Friday | 10/02/2020 17:01

Photo: VNA

The economy has surpassed the lowest point of the V shape and been in recovery track, Minister and Chairman of the Government Office Mai Tien Dung told the press on Friday.

With the bright signal of economic recovery and the success of Covid-19 control, Prime Minister Nguyen Xuan Phuc expects 2020 economic growth at between 2.5-3 percent, Minister Dung said.

In the third quarter, the economy expanded 2.62 percent, higher than 0.36 percent growth in the previous quarter. Vietnam is among rare economies in Southeast Asia having positive growth.

During the past nine months, Vietnam recorded a trade surplus of nearly $17 billion, a record number. Exports grew over 20 percent. In particular, the agricultural sector strives to export over $41 billion.

Despite the crisis, foreign direct investment reached over $21 billion. Average consumer price index in the nine-month period increased by 3.85 percent.

Employment rate in the third quarter recovered, adding 1.5 million jobs compared to the second quarter.

► Vietnam goes through a month without new local Covid-19 infection

► Vietnam’s 9-month GDP growth falls to 9-year low at 2.12% on pandemic

► Vietnam’s Q3 inflation accelerates 3.18% from a year earlier

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