Vietnamese economy bounces back in May: WB

The Vietnamese economy has begun to recover after the social distancing period, according to the WB (Photo: VNA)

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 the figure in the same period last year. 

Sharing the same 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 in 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 some 10 percent, 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./.

VNA