Vietnam’s gross domestic product (GDP) grew by an estimated 5.73 percent in the first half of this year (Source: VNA) The first-quarter growth hit 5.15 percentwhile the second quarter’s was 6.17 percent thanks to the government’s effortsto improve business climate.
Specifically, the agro-forestry-fisheriessector expanded 2.65 percent in the six-month period. Industry and constructiongrew 5.81 percent while services went up by a five year record 6.85 percent.
Ha Quang Tuyen, head of the GSO’s National AccountDepartment, said 17 out of 21 industries recorded higher growth rate in Q2 on aquarterly basis, notably manufacturing and engineering (10.5 percent),contributing 1.79 percentage point to the economic growth.
Director of the GSO’s Price StatisticsDepartment Vu Thi Thu Thuy said the average consumer price index (CPI)increased by 4.15 percent for the six-month period, lower than the 4.96 percentrise recorded in the first quarter, which showed inflation is on a decreasingtrend to a reasonable level, meeting the Government’s target
Meanwhile, exports and imports went up 18.9percent and 24.1 percent, respectively.
From early this year till June 20, thecountry attracted 1,183 new foreign-invested projects worth 11.84 billion USD,up 56.3 percent in project number and 57.9 percent in capital year-on-year.
Also during the period, 61,276 new firms wereestablished with a total registered capital of 596 trillion VND (25.91 billionUSD), marking respective increases of 12.4 percent and 39.4 percent in firmnumber and capital.
However, GSO experts stressed that thegrowth rate barely met the target, the disbursement of investment capital wasslow and agricultural production was still under the negative effects of thesaline intrusion in the previous year.
There was neither any breakthrough changein the growth model nor major change in the economic structure. Trade deficithas returned, standing at an estimated 2.7 billion USD, equivalent to the sameperiod last year.
GSO Director General Lam said in order toachieve a 6.7 percent growth this year, a growth of 7.4 percent should beachieved in the latter half of the year, which is a hard task.
According to the head of the National AccountDepartment, there are still opportunities for the country to meet the set goal.He said the business sector is a major resource for growth. Besides, thedisbursement of social investment, with more than 60 percent left for thesecond half of the year, will help accelerate economic growth. In recent years,social investment usually accounts for more than 50 percent of GDP this year.
Tuyen added that themanufacturing-processing sector is expected to record high growth, with severallarge-scale steel projects are slated to become operational in the last monthsof the year.-VNA
VNA
