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. 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.The figure was helped by a surge in exports, which were up 34 percent from the previous quarter, and 11 percent up on-year.
The World Bank in July predicted the economy would grow 2.8 percent in 2020, compared with expectations of a contraction in most countries around the world. However that falls significantly short of the 6.8 percent target set by the government before the pandemic. Vietnam has recorded just 1077 coronavirus cases and 35 deaths, with no community transmissions in nearly a month.
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