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By APD writer Alice
Hanoi, June 30 (APD) – Vietnam’s gross domestic product (GDP) expanded 6.76 percent in the first six months of the year, according to Director General of the General Statistics Office (GSO) Nguyen Bich Lam.
The growth was fueled by stable macro-economy, impressive rice exports, declining unemployment rate, and robust economic production, he said.
The agro-forestry-fishery sector picked up 2.39 percent, contributing 6 percent of the GDP growth. Expanding 8.93 percent, and 6.69 percent, the industrial and construction sector, and service industry contributed 51.8 percent, and 42.2 percent, respectively, of the growth.
Lam said that the agro-forestry-fishery sector is facing formidable challenges as prolonged heat wave would decrease productivity while African swine fever outbreaks have threatened the livestock sector’s health.
Processing and manufacturing remains the pillar of GDP growth, posting a growth of 11.18 percent, lower than the same time last year but much higher than H1 of 2012-2017.
Meanwhile, the service industry was backed by rosy wholesale and retail sales, financial activities, banking and insurance, transportation and warehouse.
The Vietnamese economy has shown positive signs, with business confidence remaining high among domestic and foreign investors in the period.
According to Nikkei report, the Vietnam Manufacturing Purchasing Managers’ Index (PMI) stood at 52 points, which is higher than regional countries. Producers believed that customer demand improved, and there were rises in new orders both from domestic and overseas clients.
A survey conducted by the GSO in Q2 showed that most of the businesses had good business results, and felt upbeat about the situation in Q3.
The Vietnamese Ministry of Planning and Investment will continue working hard to ensure the GDP growth reaches 6.8 percent at the end of the year. The target is lower than the actual number of 7.08 percent recorded in 2018.
(ASIA PACIFIC DAILY)
