AsemconnectVietnam - Vietnam’s GDP in the first 6 months of 2024 increases by 6.42%, only lower than the growth rate of 6.58% in the first 6 months of 2022 in the 2020-2024period.

Speaking at the press conference announcing socio-economic statistics for the second quarter and the first 6 months of 2024, Ms. Nguyen Thi Huong, General Director of the General Statistics Office said that in the first 6 months of 2024, the world markets of goods have many fluctuations due to the influence of political, economic and social factors of countries. The strategic competition between major countries is increasingly fierce, military conflicts between Russia - Ukraine and in the Gaza Strip prolonged, and the instability escalated in the Red Sea. The world economy continued to go through a difficult period, with slow growth, short- and medium-term development prospects remain challenging, and bank interest rates in many countries remained quite high. The global inflation showed signs of moving sideways after a period of rapid decline, but in the face of an unpredictable economic picture, the trend of loosening monetary policy in major economies was still unclear.
Domestically, the Government and Prime Minister have proactively and drastically directed ministries, branches and localities to implement many solutions to remove difficulties, promote growth, maintain macroeconomic stability, Control inflation, ensure major balances of the economy such as: ensuring smooth supply, circulation, and distribution of goods and services; reduce lending interest rates, stabilize the foreign exchange market; promote disbursement of public investment; deploy credit packages to support industries and fields; Reduce value added tax for some groups of goods and services; Reduce environmental protection tax on gasoline and oil; exempt, reduce, and extend taxes, fees, and land use fees to support businesses and people; organize and closely monitor supply and demand developments and market prices of essential goods to take appropriate management measures. Thanks to that, the prices of goods and services on the market generally do not fluctuate abnormally, and inflation is under control.
Gross domestic product (GDP) in the second quarter recorded positive growth, with an estimated growth rate of 6.93% over the same period last year. Of which, the agriculture, forestry and fishery sector increased by 3.34%, contributing 5.36% to the increase in total added value of the entire economy; the industrial and construction sector increased by 8.29%, contributing 45.73%; the service sector increased by 7.06%, contributing 48.91%.
GDP in the first 6 months of 2024 increased by 6.42%. In the increase in total added value of the entire economy, the agriculture, forestry and fishery sector increased by 3.38%, contributing 5.96%; the industrial and construction sector increased by 7.51%, contributing 44.28%; the service sector increased by 6.64%, contributing 49.76%.
A closer analysis of some of the reasons why GDP in the first 6 months of the year increased by 6.42%, according to the Director General of the General Statistics Office, in the agriculture, forestry and fisheries sector, the agricultural sector maintained stable growth, the output of some perennial crops mainly increased compared to the same period last year, and aquaculture increased quite well. Accordingly, the added value of the agricultural sector in the first 6 months of 2024 increased by 3.15% over the same period last year, contributing 0.27% to the increase in total added value of the entire economy; the forestry sector increased by 5.34% but accounted for a low proportion so it only contributed 0.03%; the fisheries sector increased by 3.76%, contributing 0.09%.
In the industrial and construction sector, the industry maintained growth momentum, a number of key industrial products increased quite well, meeting the needs of businesses for new orders. Thanks to that, the added value of the entire industry in the first 6 months of 2024 increased by 7.54% over the same period last year, closing contributing 2.44% to the growth rate of total added value of the entire economy.
The processing and manufacturing industry continued to be the growth driver of the entire economy with an increase rate of 8.67%, contributing 2.14%.
In the service sector, foreign trade, transportation, and tourism activities have increased to meet regional and world consumption needs, positively contributing to economic growth. The added value of the service sector in the first 6 months of 2024 increased by 6.64% over the same period last year.
"In terms of GDP usage, final consumption increased by 5.78% over the same period in 2023; asset accumulation increased by 6.72%; the export of goods and services increased by 16.89%; the imports of goods and services increased by 16.95%, the difference between export and import of goods and services contributed 0.59%," the Director General of the General Statistics Office added.
CK
Source: VITIC/congthuong.vn