Vietnam's second-quarter GDP growth hits a decade-long record high

June 30, 2022 | 10:47

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Vietnam's GDP growth accelerated to just over 7.7 per cent in the second quarter of 2022, its highest figure since 2011.

Vietnam's second-quarter GDP growth hits a decade-long record high

According to data from the General Statistics Office, along with the impressive second-quarter GDP, the six-month GDP growth stands at 6.4 per cent, which is the best performance in three years. Last year's first-half GDP growth was 5.7 per cent.

Manufacturing and processing is the growth engine of the economy as it picked up nearly 9.7 per cent in the first half. Industry and construction growth climbed 7.7 per cent, while the agriculture, forestry, and fisheries sectors posted growth of 2.8 per cent in the first half of 2022. Services also grew by 6.6 per cent following the reopening of tourism.

Industrial production recorded robust growth across key segments with clothing production up 23 per cent and electronic components up 22 per cent thanks to factories being able to ramp up production with the waning of the Omicron wave.

In the first half of the year, the total export and import turnover of goods reached $371.2 billion, up 16.4 per cent over the same period last year. Among them, goods exports increased by 17.3 per cent to $186 billion while imports grew by 15.5 per cent to $185 billion.

Service and retail sales rose nearly 12 per cent on-year to $116 million. Consumer-facing services fueled the recovery as pandemic restrictions were eased and tourists returned. Vietnam welcomed 602,000 international arrivals in the first half of 2022, a seven-fold increase from last year's period.

By Thanh Van

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