Vietnam’s H1 economic growth lowest in 10 years

HANOI (Xinhua) – Vietnam’s gross domestic product (GDP) grew 1.81 per cent in the first half (H1) of this year, the lowest six-month growth rate in the 2011-2020 period, the General Statistics Office said yesterday.

Between January and June, the sector of agriculture, forestry and fishery expanded by 1.19 per cent against the same period last year, while industry and construction grew 2.98 per cent and services up 0.57 per cent.

The three sectors respectively contributed 11.89 per cent, 73.14 per cent, and 14.97 per cent to the overall growth, said the office.

In the second quarter alone, Vietnam’s GDP grew merely 0.36 per cent compared to 3.82 per cent achieved in the first quarter due to social distancing measures adopted to fight the COVID-19 pandemic, the office said.

In a report released in April, the International Monetary Fund (IMF) forecast Vietnam’s economy would grow at 2.7 per cent this year.

Last year, the country’s annual GDP growth hit 7.02 per cent, up from the annualised target of 6.6-6.8 per cent, according to the statistics office.