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 AFP/Nhac NGUYENHANOI: 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.

Border closures from coronavirus restrictions took a toll on Vietnam's exports, which fell 9 per cent year-on-year and were down 8.3 per cent against the first three months of the year. Both sides imposed punitive tit-for-tat tariffs on hundreds of billions of dollars of goods, prompting many China-based businesses to migrate to the perceived safer and cheaper manufacturing hub of Vietnam.The country now aims to re-boot its economy after its apparent success in minimising fallout from coronavirus.

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