The Vietnamese economy has begun to recover after the social distancing period, according to the WB (Photo: VNA)Hanoi (VNA) – In its latest update released on June3, the World Bank (WB) said Vietnam’s economy has gradually bounced back sincesocial distancing measures were eased.
The WB noted that in May, the country’sindustrial production index grew 11 percent from April though it was still 3percent lower than the figure in the same period last year.
Sharing the same trend, exports were up 5percent month on month but down 5.5 percent year on year. Retail sales andprocessing-manufacturing also began to recover, expanding by about 10 percentfrom the previous month but also lower than in May of 2019.
Meanwhile, foreign demand has weakened as seenin the slight declines of export revenue and FDI inflows, with 13.9 billion USDof capital committed during the past five months.
The WB also pointed out that credit growth inthe country currently stands at some 10 percent, about three times faster thanthe GDP growth pace between January and April, following the State Bank ofVietnam’s step-by-step easing of the monetary policy./.
VNA
