Vietnam’s General Statistics Office informed Sunday (Dec. 27) that the country’s GDP growth of 2.91 percent in 2020 was the lowest in more than 30 years due to the Communist virus outbreak.
For a long time, the communist country has been one of the fastest growing economies in Asia. Last year’s GDP growth rate was 7 percent, and this year’s increase represents a significant drop. But against the backdrop of the global recession caused by the epidemic, Vietnam has done quite well, with authorities declaring it a “great success.
The growth rate in the last quarter of the year was 4.48 percent, raising the annual growth rate to 2.91 percent, according to a circular issued by the General Statistics Office of Vietnam (GSO) on Sunday. The briefing said, “This is a great success for Vietnam against the backdrop of the complex evolution of the new crown (CCP virus) epidemic and serious socio-economic setbacks.”
While many countries have endured extremely high rates of CCP virus infection and mortality, Vietnam, with a population of 96 million, has fewer than 1,500 confirmed cases and only 35 deaths. Massive quarantines, extensive contact tracing and strict travel controls have kept Vietnam’s factories largely running and people quickly back to work. Vietnam’s official figures exceeded the expectations of the International Monetary Fund. The organization forecasts Vietnam’s GDP growth at 2.4 percent in 2020, compared with a global contraction of 4.4 percent.
The World Bank said Vietnam could be more successful in 2021. In a recent report, the bank said, “Looking ahead, the outlook for Vietnam is optimistic, with economic growth expected to be around 6.8 percent in 2021 and stable at around 6.5 percent thereafter.”
Massive quarantine, extensive contact tracking and strict travel controls keep Vietnam’s factories largely operational
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