Vietnam has achieved high economic growth and poverty reduction over the last two decades. However the country has experienced economic slowdown in recent years. GDP growth rate within the period of 2009-2012 was about 5 percent, which is considerably lower than the previous periods’ growth rate at 7 percent. This study shows that the economic slowdown does not have serious impacts on firms, laborers and households in the short-term. Although firms’ revenue, profit and size have declined, the number of firms still increases. Unemployment slightly decreased in the economic slowdown period. Average real wage per hour increased. Laborers are more likely to shift between different sectors and tend to move to the agricultural sector. Household average real income increased at the rate of 3.5 percent during 2010-2012, which is substantially lower than the rate of increase during the period 2006-2008 (at 17 percent). Poverty rate decreased from 14 percent in 2010 to 11.8 percent in 2012.