Vietnam economy gallops at 6.42% in H1

By Phuong Dung, Tat Dat   June 29, 2024 | 01:23 am PT
The country’s GDP grew by 6.42% in the first half of 2024, the second fastest rate for the period in the last five years.

Industry and construction and services were the main drivers of the growth, the General Statistics Office said at a press conference Saturday morning.

The former grew by 7.51%, up from 1.13% a year ago. It accounted for 44.28% of the economy’s growth.

Services grew by 6.64% and contributed 49.76%. The sector saw a sharp increase in exports thanks to recovery in global demand. Agriculture, forestry and fisheries grew by 3.38%.

Foreign trade rose by 15.7% year-on-year to US$368.53 billion in the first half. It included a surplus of $11.63 billion, a 13.5% decline.

The U.S. was the largest export market, accounting for $54.3 billion.

China was the largest source of goods and services for Vietnam, with imports being worth $67 billion.

Some 119,600 new businesses entered the market or resumed operations, while 110,300 shut down.

A survey of the processing and manufacturing industry found 37.4% of businesses saying their performance had improved in the second quarter.

The consumer price index rose by 4.08% during the half.

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