VN's economy grows 6.93% in Q2: GSO

According to the GSO, the country's GDP growth in the first six months was 6.42 per cent year-on-year.

Việt Nam's economy continues on a positive trend as the Southeast Asian country reported a GDP increase of 6.93 per cent during the second quarter of 2024, said the General Statistics Office (GSO) during a press release earlier today.

According to the GSO, the country's GDP growth in the first six months was 6.42 per cent year-on-year.

Nguyễn Thị Hương, GSO's director-general, said despite numerous challenges and uncertainties the global economy has improved as demand rebounded. Inflation has been largely under control thanks to efforts to improve the economy's supply side.

"Economic and social conditions in the second quarter and the first half of 2024 continued a positive trend, creating growth momentum for the following quarters," said the director-general.

Agriculture, forestry and fisheries increased by 3.34 per cent, contributing 5.36 per cent to the overall added value of the economy, industry and construction increased by 8.29 per cent, contributing 45.73 per cent, services increased by 7.06 per cent, contributing 48.91 per cent.

In terms of total added value, agriculture, forestry, and fisheries increased by 3.38 per cent, contributing 5.96 per cent, industry and construction increased by 7.51 per cent, contributing 44.28 per cent, services increased by 6.64 per cent, contributing 49.76 per cent.

Added value of agriculture increased by 3.15 per cent year-on-year, contributing 0.27 percentage points to the overall added value of the economy, forestry increased by 5.34 per cent but accounted for a small proportion, contributing only 0.03 percentage points, fisheries increased by 3.76 per cent, contributing 0.09 percentage points.

Added value of industry and construction in the first six months of 2024 increased by 7.54 per cent year-on-year, slightly lower than the 8.32 per cent increase in the same period of 2022 during the 2020-2024 period, contributing 2.44 percentage points to the overall added value of the economy.

Processing and manufacturing remained the economy's main drivers with a growth rate of 8.67 per cent, contributing 2.14 percentage points, electricity production and distribution increased by 13.26 per cent, contributing 0.5 percentage points, water supply, waste management and wastewater treatment increased by 7.13 per cent, contributing 0.04 percentage points, however, mining decreased by 7.22 per cent, reducing 0.24 percentage points. Construction increased by 7.34 per cent, the highest growth rate compared to the same period in previous years during 2020-24, contributing 0.48 percentage points.

The added value of the services sector in the first six months of 2024 increased by 6.64 per cent year-on-year, higher than the 1.18 per cent and 5.06 per cent increases in the same periods of 2020 and 2021.

The statistical indicators show that the domestic macro economy remains stable, inflation is controlled at an appropriate level, supply and demand of essential goods are balanced, domestic consumption increased and exports of goods continue to achieve high growth with tourism making a strong comeback.

The agriculture, forestry and fisheries sector continues to be strong supporting pillars for the economy with stable growth, ensuring domestic consumption and meeting regional and global demand. Total investment capital and foreign investment capital continued to gain.