(VOVWORLD) - Despite the COVID-19 pandemic, Vietnam’s economy grew 5.64% with an inflation rate of 1.47% in the first half of 2021, said the General Statistics Office. It’s an impressive result for Vietnam to achieve its annual growth target of 6.5%.
 GDP structure in the first half of 2021: Industry and construction 37.61%, services 41.13%, tax and subsidy products 9.11%, agro-forestry and fishery 12.15% |
Vietnam’s GDP for the first half of 2020 was 1.82%, the lowest rate in the 2011-2020 period. The COVID-19 pandemic was identified as the main cause, casting a shadow over all sectors and occupations. Despite that difficulty, Vietnam recorded a GDP of 5.64% in the first half of this year.
Economist Nguyen Tri Hieu said, “Vietnam’s economic growth dropped precipitously last December, but rebounded to 5.64% in the first half of the year. That’s a good sign. The 2nd indicator, inflation, was controlled. In the context of the pandemic, a GDP growth rate of 5.6% is good.”
The General Statistics Office said the total export and import revenue of goods in June is estimated at 54 billion USD, up 25% from last year, in which export is forecast to reach 158 billion USD, a surge of 28.4%.
22 products had export values exceeding 1 billion USD each, including electronics, garments and textiles, footwear, wood, iron, steel, and aquatic products.
Nguyen Hoai Nam, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers, says the fishery sector has recovered.
“Last year the sector plunged due to the COVID-19 pandemic. Thanks to the government’s pandemic prevention and control efforts, key areas of the fishery sector were less affected and exports increased again 22% in April and 24% in May,” Nam said.
High economic growth in the first half of this year is attributed to the government’s aggressive direction and a joint effort by the political system, the business community, the frontline anti-pandemic forces, and the people to contain the pandemic and develop the economy.
The community’s adaptability to fighting the pandemic while developing the economy has steadily improved. In order to maintain the current growth rate, Vietnam needs to control inflation better and handle the pandemic.
Nguyen Thị Huong, Director General of the General Statistics Office, stressed the need to promptly implement support measures for people and businesses affected by the COVID-19 pandemic, particularly workers who lost their jobs. "Support policies should be simple, effective, and implemented as soon as possible. There should be incentives for new businesses, start-ups, and business expansion,” she said.
Economists have emphasized the role of the state in ensuring social security and extending tax deferments for businesses, saying Vietnam should enhance digitalization and exploit the benefits of free trade agreements to achieve its economic growth targets.