Vietnam’s H1 performance evidences sound decisions

(VOVWORLD) - Vietnam recorded an impressive growth of 6.42% in the first half of this year despite global economic fluctuations and internal challenges. This result highlights the government's and business community's efforts and affirms the effectiveness of Vietnam's economic management policies.
Vietnam’s H1 performance evidences sound decisions - ảnh 1Lach Huyen international airport in Hai Phong (Photo: VNA)

Convincing results

Vietnam's economy grew steadily at a rate of 6.42% in the first half of this year, the second highest in the last five years. Key sectors, including industry, construction, and services have contributed significantly to this growth.

The added value of the entire economy in the past six months increased 7.54% against the same period last year. Import-export activities were strong, with an estimated trade surplus of 11.6 billion USD, indicating a solid economic recovery. Manufacturing, a primary growth engine for Vietnam, has recovered, leading to a sharp increase in industrial production and demand for key imported materials.

Despite persistent inflation pressures in major global economies, high interest rates, and unimproved global demand, Vietnam has continued to attract investment. Foreign direct investment (FDI) remained strong, with realized FDI capital estimated at 10.84 billion USD, an 8.2% increase and the highest level for the first half in the past five years.

Associate Professor Dr. Nguyen Thuong Lang of the National Economics University is optimistic: "Four to five months ago, many had a pessimistic view of Vietnam's economy. Now, there have been many improvements. I believe this year's GDP can reach 6.5-6.8%."

A survey by the General Statistics Office found that 73.5% of businesses reported better or stable production and business activities in the second quarter compared to the first quarter.

Unified, consistent management policy

Vietnamese leaders recognize that maintaining political and macroeconomic stability is central to the country's economic development. The recent recovery highlights the effective direction and administration of the government, the Prime Minister, and local authorities.

Timely actions have been carried out to resolve pressing issues, remove barriers, and maintain macroeconomic stability, control inflation, and ensure economic balance. From the beginning of the year, the government, ministries, sectors, and localities have rigorously implemented resolutions and conclusions of the Party Central Committee, the Politburo, and the National Assembly. With a spirit of "just work, don't talk back," they have shown the highest determination to overcome challenges and fulfill political tasks for 2024.

Efforts to implement important national projects in roads, railways, and aviation have created new development spaces, reduced logistics costs, and improved the competitiveness of the economy.

The Prime Minister and government working groups have regularly inspected and accelerated the progress of key projects nationwide, providing encouragement and timely guidance to overcome difficulties, particularly in public investment disbursement, site clearance, and material sourcing.

Dr. Lang said: "Our economic management has achieved good results, especially in policies related to reducing interest rates, stimulating aggregate demand, public investment, and strengthening linkages."

Nguyen Thi Huong, Chief of the General Statistics Office, added: "Connecting supply and demand, promoting domestic demand, and maintaining rising international demand are our strengths. We have coordinated policies to ensure macroeconomic stability and effectively use resources, especially by maximizing the implementation of public investment capital."

There is the potential to maintain good economic growth in 2024. Continued timely management by the government and relevant agencies will help promote growth and contribute to fulfilling the year’s targets.