Vietnam’s economy records decade-low H1 growth

Monday, 2020-06-29 17:57:39
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Vietnam's economy expanded 1.81% in the first half of 2020 (Photo: VNA)
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NDO/VNA – Vietnam’s gross domestic product (GDP) increased 1.81% during the first six months of 2020, the lowest first-half growth pace since 2011, according to the General Statistics Office (GSO).

At a press conference on June 29, the office reported that in the second quarter alone, GDP rose by just 0.36 percent year on year, which was also the smallest expansion in Q2 of the 2011 – 2020 period.

This was attributed to the fact that the economy was hit hardest by the COVID-19 pandemic in Q2, when the Government ramped up social distancing measures, the GSO noted, adding that the agro-forestry-fisheries sector grew 1.72%, industry – construction rose 1.38%, while the services sector contracted 1.76% between April and June.

During the six month period, the agro-forestry-fisheries sector recorded a growth rate of 1.19% and contributed 11.89% to overall economic growth. The respective figures for industry – construction were 2.98% and 73.14%, and the services sector were 0.57% and 14.97%.

GSO Deputy General Director Nguyen Thi Huong said facing the complex developments of COVID-19 that have negatively affected all socio-economic corners, the whole political system, the Government and the Prime Minister made the pandemic fight the top priority and showed the determination to protect people’s health and lives, even at the expense of economic benefit.

This is the solid foundation for the Vietnamese economy to sustain its growth and avoid contraction, she said, adding that the data shows all-level authorities, enterprises and people’s success in concurrently combating the coronavirus, maintaining production and business activities, and gradually bringing the economy back to its pre-pandemic status.