Vietnam’s economic performance in H1 better than expected

(VOVWORLD) - The better-than-expected growth and significant trade surplus were among the highlights of Vietnam’s economic landscape in the first half of this year, according to the Government’s regular press briefing in Hanoi on Saturday.
Vietnam’s economic performance in H1 better than expected  - ảnh 1Minister-Chairman of the Government’s Office Tran Van Son chairs the Government’s press briefing on July 6, 2024. (Photo: VGP/Nhat Bac)

Minister-Chairman of the Government’s Office Tran Van Son said the economy recovered to the pre-COVID-19 level in the January-June period with performance improving month over month and quarter over quarter.

GDP grew 6.93% in the second quarter and 6.42% in H1, much higher than the 3.84% recorded during the same period last year and also better than the 5.5 -6% scenario set in the Government’s Resolution.

Macroeconomic stability was ensured, inflation controlled, and major economic balances secured. The six-month consumer price index (CPI) increased 4.08%, with the core inflation up 2.75%. Energy and food security were guaranteed.

Exports surged 14.5% while imports rose 17%, resulting in a trade surplus of 11.63 billion USD. The number of international arrivals topped 8.8 million, up 58.4% year on year and 4.1% from the same period of 2019 before the pandemic broke out. 

The Asian Development Bank, Standard Chartered, and HSBC forecast Vietnam’s GDP to grow 6% in 2024, Minister Son said. The International Monetary Fund (IMF) said that Vietnam will be the only Southeast Asian representative in the top 10, with a growth rate of 6.4% forecast for 2024 - 2029.

Deputy Minister of Planning and Investment Tran Quoc Phuong said that registered Foreign Direct Investment (FDI) in the first half was estimated at 15.2 billion USD, an increase of 13% from the same period last year, and is expected to reach 40 billion USD this year.