First Half Sees 3.72% Increase in GDP

Vietnam’s GDP experienced a growth rate of 3.72% in the first half of the year. However, the second quarter saw the lowest growth rate in 13 years, excluding the Covid-19 period, with a growth rate of 4.14%.

Among the three main pillars of the economy, the industry and construction sector only grew by 0.44%, while services experienced a substantial growth rate of 6.33% and contributed to nearly 79% of the GDP. This growth was primarily driven by policies aimed at promoting tourism and increasing demand for consumer goods. The agriculture, forestry, and fishery sector witnessed a growth rate of 3%.

In terms of foreign trade, there was a decline of 15.2% year-on-year, amounting to $316.65 billion in the first half. Export and import figures also experienced a decrease, with exports falling by 12.1% and imports by 18.2%. Despite this, there was a trade surplus of $12.25 billion. Additionally, the consumer price index rose by 3.29% year-on-year, mainly due to increases in food and electricity prices.