Vietnamese economy bounces back in May: WB

 

In its latest update released on June 3, the World Bank (WB) said Vietnam’s economy has gradually bounced back since social distancing measures were eased. 

The WB noted that in May, the country’s industrial production index grew 11 percent from April though it was still 3 percent lower than last year.  Sharing the trend, exports were up 5 percent month on month but down 5.5 percent year on year. Retail sales and processing-manufacturing also began to recover, expanding by about 10 percent from the previous month but also lower than in May of 2019.  Meanwhile, foreign demand has weakened as seen in the slight declines of export revenue and FDI inflows, with 13.9 billion USD of capital committed during the past five months.  The WB also pointed out that credit growth in the country currently stands at 10 percent, about three times faster than the GDP growth pace between January and April, following the State Bank of Vietnam’s easing of the monetary policy

 

 

 

Source: VOV5

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