Viet Nam’s services growth is expected to stage a recovery over the second half of 2020. — VNA/VNS Photo Fitch Solutions have revised up its 2020 real GDP growth forecast for Viet Nam slightly to 3 per cent, from 2.8 per cent previously. Viet Nam’s real GDP was reported to grow by 0.4 per cent year-on-year (y-o-y) in the second quarter of this year, its weakest since the series began in 2000, mainly due to a sharp slowdown in manufacturing growth and a contraction in services. “Given that Viet Nam appears to have contained the COVID-19 outbreak domestically, we expect manufacturing and services growth to stage a recovery over the second half of 2020,” the ratings agency said in a report released on Wednesday. That said, the extent of recovery in manufacturing will be capped by weak external demand in a global recession, while a controlled reopening of borders only to ‘foreign experts, high-level workers and investors’, according to the Prime Minister on June 25, will continue to hamper a recovery in tourism-related services such as retail, accommodation and catering, and transport. “We expect growth of the industrial and construction sector, which account for about 35 per cent of GDP,… Read full this story
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