Vietnam Still Growing Ocean, Reaching 0.36% In Quarter II / 2020

Although it is the lowest growth rate in the 2011-2020 period, the 6-month GDP growth rate is still a remarkable result of the Vietnamese economy.

In the growth rate of 1.81% in the first 6 months, the agriculture, forestry and fishery sector increased by 1.19%, contributing 11.89% to the general growth; industry and construction increased 2.98%, contributing 73.14%; the service sector increased 0.57%, contributed 14.97%.

The main drivers of economic growth in the first 6 months of the year were processing and manufacturing (up 4.96%) and market service sectors (up 4.3% in wholesale and retail; finance activities). , banking and insurance by 6.78%).

According to the General Statistics Office, industrial production in the first 6 months of the year was affected by the Covid-19 epidemic, thus achieving the lowest increase compared to the same period in 2011-2020. However, due to the early control of the epidemic, sectors of the economy are gradually returning to normal operation, industrial production has flourished and gradually regained high growth momentum from May 2020.

Notably, after 2 months of loosening and removing social gap measures, socio-economic activities are gradually restored. The number of newly established enterprises in June continued to flourish with 13.7 thousand enterprises, an increase of 27.9% over the previous month.

Besides, the survey results on business trends of enterprises in the manufacturing industry also showed that enterprises expected the business and production situation of the third quarter to be better than the second quarter.

Domestic trade and transport activities in June continued to increase again after the Covid-19 epidemic was basically controlled. Specifically, the total estimated retail sales of consumer goods and services in June reached 431 trillion VND, up 6.2% over the previous month and 5.3% over the same period last year. Domestic transport activity in June also continued its rebound trend with an increase of 13.4% in passenger volume and an increase of 7.3% in cargo volume compared to the previous month.

However, international visitors are a big low note when in June there were only 8.8 thousand arrivals, down 61.3% over the previous month and down 99.3% over the same period last year. Generally, in the first 6 months of the year, international visitors to Vietnam were estimated at 3,744.5 thousand arrivals, down 55.8% over the same period last year.

Regarding investment, a remarkable signal is that social investment at current prices in the first 6 months was estimated at 850.3 trillion dong, up 3.4% over the same period last year and equaling 33. % Of GDP (quarter II / 2020 reaches 481.2 trillion VND, up 4%).

Regarding import and export, although the total import and export turnover decreased by 2.1% compared to the same period last year (reaching US $ 238.4 billion) of which exports decreased by 1.1%, imports decreased by 3%. Of course, in the first 6 months, Vietnam saw an estimated trade surplus of 4 billion USD (trade surplus was 1.7 billion USD in the same period last year).

Regarding inflation, the consumer price index (CPI) in June 2020 increased by 0.66% compared to the previous month, mainly due to the 3 consecutive high rise in gasoline prices after a series of declines that lasted since the Lunar New Year. Pork increased in the first days of June.

However, the consumer price index in June 2020 still decreased by 0.59% compared to December of the previous year – the lowest level in the period 2016-2020. On average, in the first 6 months of 2020, the consumer price index increased by 4.19% over the same period last year, this is the highest increase in the 2016-2020 period.

Regarding social issues, as of June 10, 2020, the whole country disbursed 10.5 trillion VND to support people in difficulty due to the Covid-19 pandemic. In which, people with meritorious services to the revolution, beneficiaries of social protection, people of poor and near-poor households are over 10.4 trillion dong; employees 50.5 billion VND; household businesses 2.6 billion …

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