Vietnam GDP Grows amid Covid Outburst

The gross domestic product or GDP of Vietnam has increased to 6.61% in the year 2021 in the April-June quarter, showing the nation’s economic recovery, according to the government on Tuesday.

The economy of the Southeast Asian country continues to grow on more robust exports of smartphones and other variety of products, despite the sequential outbreaks of Covid-19 among the factory workers in northern Vietnam.According to the General Statistics Office, the economy has expanded by 5.64% in the 1st half, marking a jump from 1.82% in the same period last year.

The exports to the United States in the first half of the year 2021 have increased from 42.6% to $44.9 billion, contributing to the profits in GDP. The overall exports have been expanded from 28.4% to $157.63 billion.Vietnam delayed procurement and use of coronavirus vaccines have created a kind of indecision into the economy. Just above 3% of the population has received at least one vaccine shot until now, as per Our World in Data, which is a lower ratio than in its neighbors, Cambodia and Laos.

The GDP of Vietnam is expected to grow to 6.7% in the year 2021, which will be the highest among the Southeast Asian nations and the Asian Development Bank forecast in the month of April. But suppose the vaccine procedure continues to delay. In that case, the continuation of the full-scale domestic economic activity, including tourism, will consume more time than usual and hinder the entire economy’s growth.