The Economy of the Republic of Vietnam fell by 6.17 percent year-on-year between July and September. This is the largest quarterly decline in gross domestic product in the history of tracking this indicator.
Vietnam’s economy is having a hard time. The year-on-year decline in the third quarter is due to the tightening of anti-epidemic measures taken by the government there after the number of newly confirmed coronavirus infections began to increase relatively rapidly.
The services sector fell 9.28 percent year-on-year, while industry and construction lost more than five percent. By contrast, agricultural production increased by more than a percentage year-on-year. “The covid-19 pandemic has seriously affected all aspects of the economy, led by key industrial cities and provinces,” the Vietnam Statistics Office said.
Meanwhile, Vietnam’s gross domestic product increased by 6.57 percent year-on-year in the second quarter. Vietnam managed last year’s pandemic relatively successfully, recording around 770,000 cases and less than 19,000 deaths. Vietnam has over 96 million inhabitants.