Vietnam's 2021 GDP growth slows, exports offer support
Vietnam's 2021 GDP growth slows, exports offer support
Vietnam's gross domestic product growth slowed further this year, government data showed on Wednesday, even as the fourth quarter improved and robust exports helped partially offset some of the economic impact of the coronavirus pandemic.
The Southeast Asian country's GDP grew 2.58% this year, slipping from a 2.91% expansion in 2020, the General Statistics Office (GSO) said.
"The COVID-19 pandemic has left a serious impact on all aspects of the economy," the GSO said in a statement.
On a quarterly basis, Vietnam's economy recovered strongly in the fourth quarter, after authorities started lifting most coronavirus mobility restrictions in October.
GDP grew 5.22% in the fourth quarter from a year ago, rebounding from a contraction of 6.02% in the third quarter.
The GSO traditionally releases data before the end of the reporting period and its data is often subject to revision.
Vietnam's exports are estimated to have risen 19% this year to $336.25 billion, while its industrial output increased 4.8%, according to the GSO.
Vietnam is officially targetting GDP growth of 6.0%-6.5% next year. Fitch Solutions has forecast growth at 8% in 2022 as the economy rebounds from the coronavirus lockdowns of this year.
The health ministry reported Vietnam's first case of the highly contagious Omicron coronavirus variant on Tuesday, in a person who was in quarantine after flying from the United Kingdom.
Vietnam has so far recorded 1.68 million coronavirus infections, with 31,600 deaths.
Around 70% of the country's population of 98 million have received at least two vaccine shots and authorities intend to administer a booster shot to the adult population by the end of the first quarter.
