World Bank says Vietnam's economy seeing positive changes

16 Nov '21

1 min read

Pic: Hai Huy Ton That | Dreamstime.com

Socio-economic data in October showed the protracted contraction induced by the COVID-19 pandemic has bottomed out in Vietnam and its economy has witnessed positive changes, according to the World Bank, which recently said in its macroeconomic update for November for the country that goods trade balance registered a surplus for the second month in a row as import growth continued to slow down.

The country's industrial production and total retail sales of consumer goods and services rebounded as economic activities gradually resumed, but are yet to recover to the levels recorded before the outbreak, which began in April.

For the first ten months of this year, the country enjoyed a trade surplus of $160 million. Meanwhile, the number of registered foreign direct investment entities decreased after three months of rise, a news agency reported.

According to World Bank experts, Vietnam is facing several obstacles in restarting the economy after a prolonged period of social isolation, but the positive developments observed in October showed that the situation will continue to improve, and growth will accelerate in the months to come.

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