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Vietnam’s growth slides to new 30-year low

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 a growth of seven percent in 2019.

Vietnam-growth-30-year-low
Figure: Workers are busy at a factory producing activewear for various textile and clothing brands in Hanoi on September 21. Courtesy: AFP/FILE

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.

“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.

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