Vietnam’s growth climbs, resisting global downturn

30 September, 2020 12:00 AM printer

HANOI: Vietnam's economic growth picked up in the third quarter, boosted by a rally in exports as the country slowly emerges from a virus-induced slowdown.

Vietnam has long been one of Asia's fastest growing economies, and it is heavily reliant on exports, particularly after reaping the benefits of a trade spat between Washington and Beijing over the past two years, reports AFP.

With much of the world economy effectively shut down for long periods in the first and second quarter, gross domestic product expanded just 0.36 percent on-year in April-May, though that was better than most countries which suffered painful contractions.

But the General Statistics Offices said Tuesday the economy grew 2.62 percent in July-September.

The figure was helped by a surge in exports, which were up 34 percent from the previous quarter, and 11 percent up on-year.

However, the growth reading was still the slowest for a third quarter in nearly a decade.