Vietnam economy unexpectedly expands, bucking global plunge | The Daily Star
12:00 AM, July 01, 2020 / LAST MODIFIED: 01:14 AM, July 01, 2020

Vietnam economy unexpectedly expands, bucking global plunge

Vietnam's economy unexpectedly expanded in the second quarter, shrugging off a coronavirus pandemic-caused global downturn, but it was still the country's slowest growth in nearly three decades.

Gross domestic product rose by 0.36 percent April to June compared to the same period last year, the General Statistics Office in Hanoi announced Monday.

"It's the lowest ever GDP growth since Vietnam started publishing GDP figures in 1991," official Duong Manh Hung was quoted as saying in local media.

Border closures from coronavirus restrictions took a punitive toll on Vietnam's exports, which fell nine percent year-on-year and were down 8.3 percent against the first three months of the year.

The country's economy is heavily reliant on exports, particularly after reaping the benefits of a trade spat between Washington and Beijing over the last two years.

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