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Vietnam’s economy records decade-low H1 growth

A poster promoting Vietnam's communist party is seen on a street in Hanoi, Vietnam, 23 January 2019 (Photo: Reuters/Kham). Sketched by the Pan Pacific Agency.

HANOI, Jun 29, 2020, VNA. Vietnam’s gross domestic product (GDP) increased 1.81 percent during the first six months of 2020, the lowest first-half growth pace since 2011, according to the General Statistics Office (GSO), Vietnam News Agency reported.

At a press conference on June 29, the office reported that in the second quarter alone, the GDP rose by just 0.36 percent year on year, which was also the smallest expansion in Q2 during the 2011 – 2020 period.

This was attributed to the fact that the economy was hit hardest by the COVID-19 pandemic in Q2, when the Government ramped up social distancing measures, the GSO noted, adding that the agro-forestry-fisheries sector grew 1.72 percent, industry – construction rose 1.38 percent, while the services sector contracted 1.76 percent between April and June.

During the six months, the agro-forestry-fisheries sector recorded a growth rate of 1.19 percent and contributed 11.89 percent to the overall economic growth. The respective figures for industry – construction are 2.98 percent and 73.14 percent, and the services sector 0.57 percent and 14.97 percent.

GSO Deputy General Director Nguyen Thi Huong said facing complex developments of COVID-19 that have negatively affected all socio-economic aspects, the whole political system, the Government and the Prime Minister have given the top priority to the pandemic fight and showed the determination to protect people’s health and lives, even at the expense of economic benefits.

This is the solid foundation for the Vietnamese economy to sustain growth and avoid contraction, she said, adding that the data show all-level authorities, enterprises and people’s success in concurrently combating the coronavirus, maintaining production and business activities, and gradually bringing the economy to the pre-pandemic status.

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