In his latest report, he said GDP growth in Việt Nam slowed precipitously in Q1 as consumers in the US and other developed markets cut purchases. Manufacturing accounted for a quarter of Việt Nam’s GDP, and output contracted slightly in Q1 as against 9 per cent growth a year earlier since most products made in the country were exported to the US and other developed countries. “Việt Nam’s exports fell 12 per cent year-on-year in Q1, driven by a 20 per cent drop in exports to the US. “Finally, domestic consumption continues to grow at a healthy pace and consumer confidence has remained remarkably resilient despite the sharp slowdown in GDP growth. The Government will also allow companies and individuals to defer payment of various taxes by three to six months.
Mar 21 2023