Sunday, 14 August, 2022

Vietnam economy grows at fastest pace for 11 years in Q2

Vietnam's economy expanded in the second quarter at its fastest pace in 11 years thanks to a big rebound in exports and the lifting of punishing Covid-19 restrictions, authorities said Wednesday.

Growth in the communist nation and manufacturing powerhouse had stuttered at around three percent for two consecutive years as the pandemic shut down most of the world and authorities imposed strict lockdowns.

But on Wednesday the General Statistics Office said gross domestic product grew 7.72 percent on-year in April-June, its best performance since 2011.

Turnover from exports rose 21 percent to $96.80 billion in the period, the GSO added. Vietnam reopened to the world in mid-March after almost two years of closure.