Vietnam reaches 6.42% economic growth in H1, second best since 2020

Vietnam’s GDP growth reached 6.93% in the second quarter of 2024 and 6.42% in the first half of 2024, the General Statistics Office (GSO) announced Saturday.

From 2020-2024, or from the start of the Covid-19 pandemic, the 6.42% figure is the second-highest to be posted for the six-month period.

It is only lower than the 6.58% recorded in H1/2022, which featured a post-pandemic reopening in March 2022. The growth figures were 1.74% in H1/2020, 5.71% in H1/2021, and 3.84% in H1/2023.

In H1/2024, the agriculture-forestry-fisheries sector posted 3.38% growth, while the industry-construction sector recorded growth of 7.51%, and the service sector with 6.64%.

Overall, the agriculture-forestry-fisheries sector accounted for 11.55% of the economy, the industry-construction sector 36.44%, and the service sector 43.35%. The remaining 8.66% belonged to net tax and subsidies.

Regarding sub-sectors, the GSO highlighted strong performances of the manufacturing-processing sector with 8.67% growth, equivalent to 2.14 percentage points of overall GDP growth; retail and wholesale with 7.34%, or 0.79 percentage points; logistics and warehouse with 11.02%, or 0.73 percentage points; electricity production and distribution with 13.26%, or 0.5 percentage points; and accommodation and dining services with 9.94%, or 0.27 percentage points.