Vietnam GDP grows at 6.76 percent

By Minh Son   June 28, 2019 | 11:45 am GMT+7

Vietnam’s GDP expanded 6.76 percent year-on-year in the first half of 2019, the second highest rate since 2011.

The growth was lower year-on-year, but higher than in the years between 2011 and 2017, the General Statistics Office said Friday.

The processing and manufacturing sector grew by 11.18 percent in the first half, the highest of any sector. Construction grew by 8.93 percent, services by 6.69 percent and agriculture, forestry and fisheries by 2.39 percent.

The mining industry recovered from a three-year decline to grow at 1.78 percent, as the country mined more coal and metal ores.

Foreign trade is estimated at $245.5 billion, the highest half-year figure ever, driven by the foreign-invested sector. The FDI sector saw a trade surplus of $15.68 billion (including crude oil), while domestic companies recorded a large deficit of $15.72 billion. 

The total trade deficit was $34 million in this period.

Vietnamese employees work at a scooter factory in the northern city of Hai Phong. Photo by VnExpress/Ngoc Tuan.

Vietnamese employees work at a scooter factory in the northern city of Hai Phong. Photo by VnExpress/Ngoc Tuan.

GDP growth last year was 7.08 percent, the highest in a decade. The country targets growth of 6.6-6.8 percent this year.

The World Bank in April stated that Vietnam’s GDP growth rate is projected to fall to 6.6 percent this year. The decline from the decade-high 7.1 percent last year is due to credit tightening, slower private consumption and weaker external demand, it said in a report. 

"This is in line with declining year-on-year growth of 0.3 percentage points in developing countries in the East Asia and Pacific (EAP) region, which consists of 22 countries."

 
 
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