Vietnam: Robust Growth Rates Have Come To An End
The economy grew 7% in 2019, as a surge in exports to the US offset weaker demand from China. Private consumption and fixed investment also performed well, helped by rapid wage growth, rising tourism and export manufacturing. However, in 2020 the economic performance is severely impacted by the coronavirus pandemic, with GDP growth expected to slow down to 2.3%. Both domestic demand and exports are impacted, with tourism, transport (aviation), electronics, textiles, and agriculture being the most affected industries.