Growth of Vietnam’s industrial sector is likely to slow down in the first quarter of 2020 due to negative impacts from the acute respiratory disease caused by a novel coronavirus (COVID-19), according to the General Statistics Office (GSO). A brake production line of the Japanese-invested Nissin Brake Vietnam Co. Ltd in Vinh Phuc province Sectors using materials imported from China are badly affected since China has been a major supplier of materials and accessories for Vietnam. The manufacturing and processing sector, which account for the lion’s share of the industrial sector, will be the hardest-hit. The GSO said if the COVID-19 outbreak is stamped out in the first quarter, the industrial sector is projected to grow 2.68 percent compared to the same period last year. The manufacturing and processing sector is likely to expand just 2.38 percent instead of 10.47 percent in case of no disease. On the other hand, if the disease lasts until the end of the second quarter, the industrial sector’s growth is forecast to reach nearly 6.99 percent. In this scenario, the manufacturing and processing sector is estimated to expand 8.51 percent. Other sectors will also be affected, especially garment-textile, leather and footwear production. In the… Read full this story
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