(MENAFN) The Asian Development Bank (ADB) has decreased its estimate of the Vietnamese gross domestic product (GDP) expansion this year hitting 3.8 percent from the prior outlook of 5.8 percent during July.
The bank stated in a report issued on Wednesday that the Vietnamese economic expansion speeded up in the first six months of the year mainly due to higher trade volumes, but a resurgence of the coronavirus pandemic that kicked off in late April has tightened Vietnam’s labor market, decreased industrial production, and disturbed its agricultural value chains.
The short-term estimate continues to be challenging for country’s economy, with the extended coronavirus wave being the key negative issue, particularly if Vietnam’s immunization rate does not rise considerably.
The country’s GDP expanded 2.91 percent last year, the lowest expansion rate logged over last decade. A target of about 6 percent of economic expansion this year was formerly set by the Vietnam’s top legislature.
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