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Economy

Vietnam to halve 2020 GDP growth target due to pandemic

Hanoi will not raise minimum wage in 2021 for the first time in decades

Hit by a resurgence of coronavirus from July, Vietnam has halved its GDP growth target this year and will not increase minimum wage next year.   © AFP/Jiji

HANOI -- The Vietnamese government is set to lower this year's economic growth target to 2% to 2.5%, after the COVID-19 pandemic led to a global slowdown that hit the country's exports, inbound tourism and foreign direct investments.

Hanoi had vowed in May to deliver economic growth of over 5%, before a second wave of coronavirus started spreading in the country in July.

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