Bloomberg: Vietnam’s economy grows unexpectedly in Q2

Update: 17:13 | 29/06/2020
Bloomberg newspaper said on June 29 that Vietnam’s economy unexpectedly grew in the second quarter despite the impact of COVID-19.
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bloomberg vietnams economy grows unexpectedly in q2
Illustrative image. (Photo: Bloomberg)

It cited data from the General Statistics Office (GSO) as saying that GDP rose 0.36 percent year-on-year compared to a revised 3.68 percent in the first quarter. The median estimate in a Bloomberg survey of economists was for GDP to shrink 0.9 percent.

On a six-month calculation, GDP grew 1.81 percent, making Vietnam one of the best performers in Southeast Asia.

Exports fell 2 percent in June compared to a year earlier, while imports climbed 5.3 percent. The CPI rose 3.17 percent year-on-year in June and 2.4 percent month-on-month. The government aims to cap average inflation at 4 percent this year.

The article said Vietnam’s export-reliant economy is taking a knock as the virus disrupts global supply chains and dampens demand, and added that Prime Minister Nguyen Xuan Phuc had forecast in May that the economy could post growth of 4-5 percent this year as the government looks to attract more FDI.

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(Source: VNA)