COVID-19 Spread... Vietnam's Economy Faces Consecutive Hits
[Asia Economy Reporter Changhwan Lee] Due to COVID-19, Vietnam's economy recorded a lower growth rate this year compared to last year.
According to local media such as VN Express on the 29th, Vietnam's Gross Domestic Product (GDP) growth rate this year was 2.58%. This figure is even lower than last year's 2.91%, when the COVID-19 outbreak first occurred.
Last year's economic growth rate in Vietnam was the lowest in 30 years, and this year it declined even further.
Starting from October, restrictions related to COVID-19 mobility began to be lifted, resulting in a 5.22% growth rate in the fourth quarter compared to the same period last year. However, the economy recorded -6.02% in the third quarter due to the impact of the Delta variant, which had a significant effect.
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VN Express reported that the logistics sector shrank by more than 5% this year due to the COVID-19 situation, and the accommodation industry contracted by as much as 20.8%.
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