Vietnam’s economy records 5.6 percent growth in first half of 2021

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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

Vietnam’s gross domestic product (GDP) grew by 5.64 per cent in the first half of 2021, according to a Tuesday government report.

Vietnam’s industrial and construction sector grew sharply, rising by 8.36 per cent compared with the same period last year, while the service sector increased by 3.96 per cent, according to the report from Vietnam’s General Statistics Office.

The first half of 2021 also saw a strong recovery of import and export activities.

The total import-export turnover reached 317 billion dollars, up 32 per cent compared to the first half of 2020.

However, retail sales of goods and services are still badly affected by lockdown and social-distancing, leading to a 6.6-per-cent drop compared with the same period last year.

Tourism stands out as the worst-hit sector, with the total number of international visitors to Vietnam decreasing by 18 per cent, compared with the same period last year.

Economists said successfully containing Covid-19 is crucial if Vietnam is to boost its economy.

Vietnam has been praised for its response to the pandemic, but after a month without any community transmission of the virus, local cases emerged again on April 27. More than 10,000 have been reported since.

The Vietnamese government has set a target of 6-per-cent GDP growth this year, with a per capita income of 3,700 dollars, while the International Monetary Fund predicts a growth rate of 6.8 per cent for Vietnam in 2021.

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