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Asia: Vietnam’s Economy to Grow Fastest in Southeast Asia Despite COVID-19

According to the Asian Development Bank (ADB), Vietnam’s economy has shown strong growth in 2019, as a result of high domestic demand, a strong manufacturing and processing industry, and high Foreign Direct Investment (FDI), says an article in Asia Briefing.

The second outbreak of COVID-19 in March started a new phase in the fight against the pandemic, severely affecting all of Vietnam’s major trading and investment partners. As a result, Vietnam’s GDP fell to 3.8 percent in the first quarter of 2020 compared to 6.8 percent in the same period in 2019 as per the General Statistics Office of Vietnam (GSO).

Regardless of the impact of the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia.

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