Vietnam’s GDP growth in the second quarter reached 6.93% year-on-year, lifting the country's economic growth to a positive 6.42% for the first half of the year, according to the latest socio-economic data released by the General Statistics Office (GSO) today.

Hanoi from above. Photo: Le Viet/The Hanoi Times

The economic growth rate in the second quarter was the second highest in the past five years, second only to the 7.72% achieved in Q2 2022. The industrial, construction, and service sectors remain the mainstays of the economy, noted the GSO.

In the industrial and construction sectors, the industry maintained its growth momentum, with several key products showing significant increases to meet new business orders. The sector’s value-added over the first six months rose by 7.54% year-on-year, slightly below the 8.32% growth in the same period in 2022.

In the service sector, exports increased significantly due to the recovering global consumer demand, making a positive contribution to economic growth. The value added in this sector was 6.64%, above the 1.18% and 5.06% growth rates of the same periods in 2020 and 2021, respectively.

In the agriculture, forestry, and fisheries sectors, agriculture maintained stable growth, with an increase in value-added of 3.15% year-on-year, contributing 0.27 percentage points to the overall growth in value-added for the entire economy.

In the first half of 2024, Vietnam's trade surplus is estimated at $11.63 billion, lower than the $13.44 billion recorded in the same period last year. The total trade turnover reached $368.53 billion, with both exports and imports increasing by 14.5-17% year-on-year.

The US remains Vietnam's largest export market, with an estimated turnover of $54.3 billion, while China is Vietnam's largest import market, with an estimated turnover of $67 billion. In the first half of the year, 119,600 new businesses were established or reinstated, averaging 19,900 per month. Meanwhile, approximately 110,300 businesses left the market, averaging 18,400 per month, which is lower than the averages for the first four and five months of the year.

A  survey of business sentiment in the manufacturing and processing sector in Q2 showed that 37.4% of businesses were optimistic. The number of businesses expecting better business conditions in Q3 is projected to increase to 40.7%.

The Consumer Price Index (CPI) in June increased by 0.17% compared to the previous month and by 1.4% year-on-year. The average CPI for the first six months rose by 4.39% year-on-year, while core inflation increased by 2.75%, lower than the overall increase for the first half of the year.