Vietnam’s economy expands 2.12 percent in nine months hinh anh 1A smartphone factory of the Samsung Electronics Vietnam Co. Ltd (Photo: VNA)

Hanoi (VNA) – The gross domestic product (GDP) of Vietnam grew 2.12 percent year-on-year in the first nine months of 2020, according to the General Statistics Office (GSO).

This is the lowest nine-month growth rate since 2011, GSO General Director Nguyen Thi Huong said at a press conference in Hanoi on September 29.

However, she noted, amid the COVID-19 pandemic’s serious impact on every socio-economic aspect of countries around the world, it is still a big success of Vietnam in the pandemic fight and economic recovery and development.

Between January and September, the agro-forestry-fishery sector increased 1.84 percent, industry-construction 3.08 percent, and services 1.37 percent. They respectively contributed 13.62 percent, 58.35 percent, and 28.03 percent to the overall growth.

The official said in the third quarter alone, GDP rose 2.62 percent compared to the same period last year, also the slowest Q3 growth pace since 2011.

Thanks to COVID-19 brought under control, economic activities have gradually been resumed in the new normal status, helping the Q3 GDP expand at a faster pace than in Q2 (0.39 percent).

Huong said the complex and unpredictable developments of COVID-19 led to growth slowdown in almost all sectors. Disruptions to international trade affected Vietnam’s production, export and import activities while resulting in high unemployment and job shortage.

Besides, drought and saltwater intrusion that occurred early have affected plant productivity and output.

Facing that fact, the Government and the Prime Minister have issued timely directions for ministries, sectors and localities to carry out concerted and effective solutions so as to concurrently fight against the pandemic, protect people’s health, prevent an economic recession, and maintain social stability, thereby helping to achieve as high as possible results in socio-economic development this year, according to the GSO General Director./.