January-June GDP picks up 6.76 percent
Vietnam’s gross domestic product (GDP) expanded 6.76 percent, fueled by stable macro-economy, impressive rice exports, declining unemployment rate, and robust economic production, Director General of the General Statistics Office (GSO) Nguyen Bich Lam said at a press conference on June 28.
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| Processing and manufacturing remains the pillar of GDP growth, posting a growth of 11.18 percent. |
The agro-forestry-fishery sector expanded 2.39 percent, contributing 6 percent of the GDP growth. Expanding 8.93 percent, and 6.69 percent, the industrial and construction sector, and service industry contributed 51.8 percent, and 42.2 percent, respectively, of the growth.
Lam said that the agro-forestry-fishery sector is facing formidable challenges as prolonged heat wave would decrease productivity while African swine fever outbreaks have threatened the livestock sector’s health.
Processing and manufacturing remains the pillar of GDP growth, posting a growth of 11.18 percent, lower than the same time last year but much higher than H1 of 2012-2017.
Meanwhile, the service industry was backed by rosy wholesale and retail sales, financial activities, banking and insurance, transportation and warehouse.
The Vietnamese economy has shown positive signs, with business confidence remaining high among domestic and foreign investors in the period.
According to Nikkei report, the Vietnam Manufacturing Purchasing Managers’ Index (PMI) stood at 52 points, which is higher than regional countries. Producers believed that customer demand improved, and there were rises in new orders both from domestic and overseas clients.
A survey conducted by the GSO in Q2 showed that most of the businesses had good business results, and felt upbeat about the situation in Q3.