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HANOI (Reuters) – Vietnam’s economic growth has slowed this year to its lowest in at least three decades, rocked by the COVID-19 pandemic, natural disasters and a sluggish global economy, government data showed on Sunday.
The economy grew 2.91% this year after recording gross domestic product growth exceeding 7% for two consecutive years, the General Bureau of Statistics (GSO) said in a statement.
The country likely posted a trade surplus of $ 19.06 billion during the year, GSO said. Average consumer prices rose 3.23%.
“This is the lowest level of GDP growth in decades. However, amid the negative impacts of the COVID-19 pandemic, it is considered a success story for Vietnam, with the growth rate among the highest of the world, ”GSO said.
“We have successfully fought against the virus, but at the same time we have kept our economy open. The pandemic is more or less under control in Vietnam.”
Thanks to strict quarantine and monitoring measures, Vietnam quickly contained coronavirus outbreaks, allowing economic activity to rebound faster than in much of Asia. The country has recorded 1,440 coronavirus infections, with 35 deaths.
The processing and manufacturing industry grew by 3.98%, remaining the main growth engine of the economy, while the service sector grew by 2.34% and the agricultural sector grew by 2.68 %, the statement added. Both exports and foreign investment have been robust.
From October to December, the economy grew 4.48% from the previous year, the slowest rate for a fourth quarter since at least 2011, the statistics office said. He revised third quarter growth to 2.69%, from 2.62%.
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