Vietnam's growth slides to new 30-year low | Inquirer Business
Close  

Vietnam’s growth slides to new 30-year low

/ 04:57 PM December 29, 2021

Street vendor in Hanoi, Vietnam | INQUIRER.net file photo

HANOI — Vietnam reported economic growth for 2021 of just 2.58 percent on Wednesday, beating a 30-year low set last year as the pandemic continues to take a toll.

The communist state has long been a success story among Asian economies, posting growth of seven percent in 2019.

ADVERTISEMENT

But shutdowns caused by coronavirus have battered the export-reliant economy, sending GDP growth plunging to 2.91 percent in 2020 — the lowest reported in three decades.

The General Statistics Office (GSO) in Hanoi said fourth quarter growth was at 5.22 percent, but the annual figure was dragged down by a contraction of 6.02 percent in the third quarter.

FEATURED STORIES

“The complicated situation of the Covid-19 pandemic since the end of April seriously impacted commercial and service activities… pulling down the growth of the service sector and the whole economy,” GSO said in a statement.

For at least three months, almost the entire country was in complete lockdown, with a huge impact on production, supply chains and businesses.

GSO head Nguyen Thi Huong gave an upbeat gloss, saying that achieving even the modest growth under such difficult circumstances was a “huge success” in remarks reported by state media.

Vietnam is now trying to reopen by shifting away from its strict “zero-covid” policy.

Around 88 percent of adults in Vietnam have been fully vaccinated, the country’s health ministry said.

RELATED STORIES
Vietnam PM promises economy will rebound from COVID-19 hit
Vietnam to reopen resort island to foreign tourists to boost economy

Subscribe to our business newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, economic growth, economy, Vietnam
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.