Vietnam's GDP growth reaches 6.42% in H1 2024, 6.93% in Q2

For the second quarter (Q2) this year, the country's economic growth reached 6.93 per cent, lower than 7.99 per cent in Q2 2022.

In terms of gross domestic product (GDP) usage, final consumption and asset accumulation rose by 5.78 per cent and 6.72 per cent year on year (YoY) during H1 2024, contributing 64.26 per cent and 35.15 per cent to the overall economic growth respectively.

The consumer price index rose by 4.08 per cent during the half.

Foreign trade rose by 15.7 per cent YoY to $368.53 billion in H1 2024. It included a surplus of $11.63 billion—a 13.5-per cent decline.

Export and import of goods and services were up by 16.89 per cent and 16.95 per cent respectively during H1 2024, with the trade balance contributing 0.59 per cent, a domestic news agency reported.

The industry-construction sector, which grew by 7.51 per cent during H1 2024, contributed 44.28 per cent to the economy’s total value-added growth.

The United States was the largest export market, accounting for $54.3 billion. China was the largest source of goods and services for Vietnam, with imports being worth $67 billion.

A survey of the processing and manufacturing industry found 37.4 per cent of businesses saying their performance had improved in Q2 2024.

Fibre2Fashion News Desk (DS)