Vietnam’s economy unexpectedly expands amid pandemic

PUBLISHED : 29 JUN 2020 AT 10:43 WRITER: BLOOMBERG NEWSA man works at an assembly line of Vinfast Auto factory in Hai Phong city, Vietnam, June 14, 2019. (Reuters file photo)A man works at an assembly line of Vinfast Auto factory in Hai Phong city, Vietnam, June 14, 2019. (Reuters file photo)

Vietnam’s economy unexpectedly grew in the second quarter, though at the slowest pace in at least a decade, as exports slumped because of the coronavirus pandemic.

Gross domestic product rose 0.36% from a year earlier, compared with a revised 3.68% in the first quarter, the General Statistics Office said Monday in Hanoi. The median estimate in a Bloomberg survey of economists was for GDP to shrink 0.9%.

Vietnam’s export-reliant economy is taking a knock as the virus disrupts global supply chains and hurts demand, but is still likely to be one of the better performers in Southeast Asia this year.

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