29-6-2023 (HANOI) Vietnam’s General Statistics Office has announced that the country recorded a modest year-on-year GDP growth of 3.72 percent in the first half of this year. This is the second lowest in the same period in 2011-2023, with the lowest being recorded in 2020 when the economy was hard hit by the COVID-19 pandemic.
The sector of agriculture, forestry, and fishery grew by 3.07 percent against the same period last year, while the industry and construction sector grew 1.13 percent, and services grew by 6.33 percent. The three sectors contributed 9.28 percent, 11.87 percent, and 78.85 percent, respectively, to the overall growth.
In the second quarter alone, Vietnam posted a GDP growth of 4.14 percent, also the second lowest in the same period in 2011-2023. In 2022, the country posted a GDP growth of 8.02 percent, much higher than 2.56 percent in 2021. Vietnam’s top legislature has set the target for this year at 6.5 percent.
The Asian Development Bank forecast in April that Vietnam’s economy will grow 6.5 percent this year, supported by faster public spending, stronger private consumption, and tourism recovery. However, the recent surge in COVID-19 cases and the resulting restrictions may affect the country’s economic recovery.
