Vietnam’s economy expands 2.12 percent in nine months
The gross domestic product (GDP) of Vietnam grew 2.12 percent year-on-year in the first nine months of 2020, according to the General Statistics Office (GSO).
A smartphone factory of the Samsung Electronics Vietnam Co. Ltd (Photo: VNA)
Hanoi (VNA) – The gross domestic product (GDP)of Vietnam grew 2.12 percent year-on-year in the first nine months of 2020,according to the General Statistics Office (GSO).
This is the lowest nine-month growth rate since2011, GSO General Director Nguyen Thi Huong said at a press conference in Hanoion September 29.
However, she noted, amid the COVID-19 pandemic’sserious impact on every socio-economic aspect of countries around the world, itis still a big success of Vietnam in the pandemic fight and economic recoveryand development.
Between January and September, theagro-forestry-fishery sector increased 1.84 percent, industry-construction 3.08percent, and services 1.37 percent. They respectively contributed 13.62percent, 58.35 percent, and 28.03 percent to the overall growth.
The official said in the third quarter alone,GDP rose 2.62 percent compared to the same period last year, also the slowestQ3 growth pace since 2011.
Thanks to COVID-19 brought under control, economicactivities have gradually been resumed in the new normal status, helping the Q3GDP expand at a faster pace than in Q2 (0.39 percent).
Huong said the complex and unpredictabledevelopments of COVID-19 led to growth slowdown in almost all sectors.Disruptions to international trade affected Vietnam’s production, export andimport activities while resulting in high unemployment and job shortage.
Besides, drought and saltwater intrusion thatoccurred early have affected plant productivity and output.
Facing that fact, the Government and the PrimeMinister have issued timely directions for ministries, sectors and localitiesto carry out concerted and effective solutions so as to concurrently fight againstthe pandemic, protect people’s health, prevent an economic recession, andmaintain social stability, thereby helping to achieve as high as possibleresults in socio-economic development this year, according to the GSO GeneralDirector./.
Vietnam’s economy is forecast to expand 1.8 percent in 2020 amid the coronavirus and bounce back in next year, while economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, according to a recent report released by the Asian Development Bank (ADB).
Most economic and financial indicators continue to demonstrate Vietnam’s resilience, according to the Vietnam Macro Monitoring report for September of the World Bank (WB).
The first eight months of 2020 have seen few foreign direct investment (FDI) projects in Vietnam's textile industry, a far less lively picture compared to the same period last year, the department of foreign investment under the Ministry of Planning and Investment has reported.
The office market in Vietnamese cities like Hanoi and HCM City is likely to recover faster post-COVID-19 than other major cities in the Asia Pacific, experts have predicted.
Bulgaria holds strengths in sectors that align well with Vietnam’s development focus, including information technology, software, electronics, energy and the environment, startups and innovation, agriculture and food processing, logistics, and freight services.
Vietnam Airlines is pursuing an Environmental, Social, and Governance (ESG) roadmap to reduce emissions, improve fuel efficiency, and adopt sustainable aviation fuels. It is also investing in workforce development, corporate culture, and international management practices.
Thailand's largest retailer, Central Retail Corporation (CRC), will invest over 45 billion THB (1.38 billion USD) through 2027 to expand mainstream markets and accelerate growth across Southeast Asia, including Thailand and Vietnam.
Vietnam ranks among Asia’s top producers and exporters of denim, with hundreds of factories producing denim fabric and garments. Vietnamese denim products are now exported to over 70 countries.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
The arrival of this first wind power equipment shipment signalled the Trung Nam Ca Na seaport’s infrastructure readiness and its entry into a new phase of development, aligned with Vietnam’s adjusted National Power Development Plan VIII.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
It featured four discussions on key issues such as the Vietnam- Switzerland comprehensive partnership, Vietnam’s international financial centre, digital transformation and innovation, and global human resources and expansion of markets.