Vietnam's GDP estimated to increase 5.64 per cent in first half

GDP growth estimates from the General Statistics Office show Vietnam is back on track

According to the General Statistics Office, Vietnam's GDP in the second quarter of 2021 increased by an estimated 6.61 per cent on-year, higher than the 0.39 per cent growth rate in the same period last year.

Sectors that recorded growth include the agriculture, forestry and fishery sector (up 4.11 per cent); industry and construction (up 10.28 per cent); and services (up 4.3 per cent).

GDP in the first six months of 2021 increased by 5.64 per cent, higher than the growth rate of 1.82 per cent in the first six months of 2020.

The agriculture, forestry and fishery sector increased 3.82 per cent, contributing 8.17 per cent to the overall growth of the economy. Besides, the industry and construction sector increased 8.36 per cent, contributing 59.05 per cent, while the service sector increased by 3.96 per cent, contributing 32.78 per cent.

In addition, total realised investment capital in the first half was estimated at VND1.17 quadrillion($50.87 billion), up 7.2 per cent on-year, much higher than the 3 per cent increase in 2020.

According to the General Statistics Office, this increase reflects the results of solutions to promote the disbursement of public investment capital and the effectiveness of the state's support policies for the business community, as well as the trend of foreign investment shifting into Vietnam.

Particularly in the second quarter of 2021, realised social investment capital was estimated at VND661.1 trillion ($28.74 billion), up 7.8 per cent over the same period last year.

Total foreign investment capital into Vietnam as of June 20 reached nearly $15.27 billion, down 2.6 per cent over the same period last year.

Regarding foreign investment by Vietnamese businesses in the first six months, 24 projects were granted investment certificates with a total capital of $143.8 million from the Vietnamese side, equaling 77.6 per cent over the same period last year. Nine projects adjusted capital with $403.2 million, an increase of 10.8 times on-year.

Total foreign investment by Vietnamese actors (newly-granted and capital expansion projects) reached $547 million, nearly 2.5 times as much as in the same period last year.

Generally, in the first six months, the total import and export turnover of goods reached $316.7 billion, up 32.2 per cent over the same period last year. Of this, exports reached $157.63 billion, up 28. 4 per cent and imports reached $159.1 billion, up 36.1 per cent. It is estimated that Vietnam has a trade deficit of $1.47 billion.

The consumer price index (CPI) in June increased by 0.19 per cent compared to the previous month, up 1.62 per cent compared to December 2020 and 2.41 per cent on-year.

Quarterly average CPI in the second quarter increased 0.45 per cent on-quarter and 2.67 per cent on-year. The average CPI in the first half increased 1.47 per cent on-year.