Vietnam’s gross domestic product (GDP) growth in the second quarter of this year reached a five year record, hitting 6.44 percent, reported Minister of Planning and Investment Bui Quang Vinh at the Government’s monthly meeting on June 29. The result brought the country’s GDP growth for the first half of this year to 6.28 percent, much higher than the same period five years ago, he said.
The industry and construction sectors saw the highest growth from 2011 with 9.53 percent and 6.6 percent (Illustrative image. Source: VNA)
According to the minister, the high GDP growth in the second quarter and the first six months of this year showed a economic recovery and development trend despite difficulties. He revealed that the agro-forestry-fishery sector rose 2.36 percent, while industry-construction grew 9.09 percent and service by 5.9 percent. The industry and construction sectors saw the highest growth from 2011 with 9.53 percent and 6.6 percent, respectively, he said.
The index of industrial production (IIP) from January-June increased 9.6 percent, a sharp rise historically, said the minister, adding that the IIP of processing and manufacturing industries rose 10 percent and the mining sector by 8.2 percent. Crude oil production so far this year reached 8.38 million tonnes, up 830,000 tonnes or 11 percent, over the same period last year.
At the same time, a rise was also seen in a number of other business sectors including trade with 8.35 percent, finance-banking-insurance with 5.85 percent and real property with 2.72 percent. However, the minister noted that some sectors were struggling with declining growth rates, including transport, storage and accommodation services and restaurants. Particularly, foreign visitors to Vietnam are continuing to drop, he added.