Chinese media: Vietnam's economy bounces back faster than expected

(VOVWORLD) -Yicai, China's leading financial and business news platform headquartered in Shanghai, on Monday, said the recovery momentum of Vietnam's economy exceeds the expectations of the Vietnamese Government. 
Chinese media: Vietnam's economy bounces back faster than expected  - ảnh 1

It quoted latest data released by the General Statistics Office of Vietnam, saying in the first half of 2024, Vietnam's Gross Domestic Product (GDP) expanded 6.42%, an improved growth rate compared to recent years' figures.  

The article said that the 6.42% growth rate is the second best in the post-pandemic period from 2020 to 2024, only lower than the 6.58% of the first half of 2022.

Since earlier this year, the demand from Vietnam's major trading partners, such as the US, South Korea, and Japan, has increased, stimulating the Vietnamese economy. Along with it, foreign investment has accelerated capital flows into Vietnam, said Yicai.

According to the General Statistics Office of Vietnam, in the first half of this year, Vietnam attracted nearly 15.2 billion USD of foreign investment capital, an increase of 13% over the same period last year. In terms of investment volume, Singapore ranked first with 5.58 billion USD in the first half, Japan ranked second with 1.73 billion USD. However, if calculated by investment projects, new Chinese projects ranked first, accounting for 29% of total foreign investment projects in Vietnam in the first half of the year.

Zhou Shixin, Director of the Southeast Asia Studies Center at the Shanghai Institute for International Studies, when interviewed by Yicai, said that the economies of China and Vietnam are highly complementary. Currently, cooperation between the two countries in high tech continues to deepen, creating a broader space for bilateral economic cooperation.

The article also cited the forecast of the International Monetary Fund (IMF) dated June 26, stating that given strong international demand, stable foreign investment and regulatory policies, Vietnam's economy is expected to grow nearly 6% this year.

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