Vietnam’s economy shows resilience during COVID-19 pandemic

Vietnam’s economy continued to grow last month, with most economic and financial indicators demonstrating Vietnam’s resilience, according to the World Bank’s Vietnam macro-economy report for September. The report said Vietnam’s exports were stable, growing 1.42% per month and the country received 19.5 billion USD in FDI in the past eight months.

Inflation remained subdued at just 3.2% in August, slightly lower than in recent months, due to the stability of food prices.

By the end of August, the level of international reserves held by the State Bank of Vietnam reached 92 billion USD, up from 80 billion USD in December. Although the increase was not as much as in the same period last year, it demonstrates the resilience of Vietnam’s economy, the report noted.

The World Bank said Vietnam’s performance helped to mitigate the impact of lower remittances and foreign exchange earnings from foreign visitors.The resilience of Vietnam’s balance of payments was corroborated by the stability of the dong compared to the US dollar, according to the WB.

Source: VOV5