Vietnam’s economy recovering: WB

(VOVWORLD) - Vietnam in July recorded a year-on-year increase of 2.1% in manufacturing and processing output and 4.6% in retail sales, according to a World Bank report.

Vietnam’s economy recovering: WB - ảnh 1 Ha Nam textile company (Photo: VNA)

The report, which was released on Tuesday, noted that Vietnam’s exports were unchanged from the same period last year, demonstrating a beyond-expected resilience against the COVID-19 pandemic which has badly disrupted the global economy.

But foreign direct investment in Vietnam was down 7% in the first seven months of 2020, inflation in July was up 3.4%, and credit growth has been less than 10% in recent months, a significant slowdown.

The World Bank said it believes a new COVID-19 outbreak and new restrictions imposed to contain the virus will slow Vietnam’s recovery, but that this will be mitigated by the Government stepping up its public investment program in localities nationwide.