Vietnamese economy bounces back in May: WB

Thursday, 2020-06-04 09:46:57
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Vietnam’s economy has gradually bounced back since social distancing measures were eased, according to the WB.
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NDO/VNA – 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% from April though it was still 3% lower than the figure in the same period last year.

Sharing the same trend, exports were up 5% month on month but down 5.5% year on year. Retail sales and processing-manufacturing also began to recover, expanding by about 10% 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 US$13.9 billion of capital committed during the past five months.

The WB also pointed out that credit growth in the country currently stands at some 10%, about three times faster than the GDP growth pace between January and April, following the State Bank of Vietnam’s step-by-step easing of the monetary policy.