AsemconnectVietnam - Vietnam’s gross domestic product (GDP) grew about 3.72% year on year in the first half of this year, according to the General Statistics Office (GSO).

Exports of several sectors saw growth in the first half of 2023
In the first half of this year, the country’s agro-forestry-fishery sector expanded by 3.07%; and the industry and construction sector increased by 1.13%.
Notably, the services sector secured the highest growth, at 6.33%, fueled by domestic consumption stimulation and tourism promotion policies. It was largely contributed by wholesale and retail sales (up by 8.49%), transport and logistics (up by 7.18%), finance-banking services (up by 7.18%), and lodging and catering services (up by 15.14%).
In the agro-forestry-fishery sector, agriculture saw a year-on-year increase of 3.14% in added value, the figure of forestry was 3.43%, and that of fisheries was 2.77%.
Ms. Nguyen Thi Huong, GSO General Director said that the growth that the country posted in the first half is not high but major economic balances are ensured, the macro economy stable, and inflation controlled at an appropriate level in the context that Vietnam faces many difficulties and challenges both at home and abroad.
In addition, the supply of essential goods is guaranteed, and goods procurement and domestic consumption promoted. The agriculture, forestry, and fishery sector maintained a stable growth rate, ensuring the supply of food and essential goods.
The progress of disbursement of public investment capital has been improved markedly, the trade surplus maintained, and social welfare ensured, she said.
Ms. Huong added that policies to stimulate domestic consumption and promote tourism have contributed to maintaining the growth of the service sector. Accordingly, the added value of the service sector in the first six months of 2023 increased by 6.33% compared to the same period last year, higher than the increases of 1.18% and 4.53% in the same period in 2020 and 2021, respectively.
She also said that entering the third quarter of 2023, Vietnam will continue to face many difficulties and challenges, including changes in the world's economy and politics, energy security, food security, natural disasters, climate change, and diseases.
This will pose a big challenge for Vietnam to achieve the growth target [of 6.5%] for 2023, she said.
Vietnam saw trade surplus in the first half of 2023
Vietnam recorded a trade surplus of about 12.25 billion USD in the first half of this year, according to the data released by the General Statistics Office of Vietnam (GSO).
In the first half of this year, the country’s total import-export turnover of goods hit 316.65 billion USD, an annual decrease of 15.2%. Specifically, exports and imports fell by 12.1% and 18.2%, respectively.
The country’s six-month export value stood at some 164.45 billion USD, of which 43.41 billion USD came from the domestic economic sector, accounting for 26.4% of the total foreign trade. The foreign-invested sector accounted for 73.6% with 121.04 billion USD.
There were 27 commodity items whose shipments overseas brought home over 1 billion USD and five earned over 10 billion USD each. Processing and manufacturing products contributed the lion’s share of the total export turnover, at 144.82 billion USD or 88.1%.
The US was the largest export market of Vietnam with the export turnover of approximately 44.2 billion USD, while China was the largest import market, with the import value of 50.1 billion USD.
In June alone, the import-export value was estimated at 56.01 billion USD, an increase of 3.6% month-on-month and a reduction of 14.1% year-on-year.
The GSO said the improved export figure for June indicates that trade promotion measures have yielded certain effectiveness.
In the coming time, in a bid to further enhance the efficiency of import and export activities, the Ministry of Industry and Trade has identified several tasks, which include intensifying trade promotion programmes that target new and potential markets such as India, Africa, the Middle East, Latin America, Eastern Europe, and those less affected by inflation and posting promising growth like ASEAN.
CK
Source: VITIC/Vietnamplus.vn