JavaScript is off. Please enable to view full site.

Vietnam Q2 GDP growth quickens alongside price pressures

Vietnam Q2 GDP growth quickens alongside price pressures

Wednesday, June 29, 2022, 14:22 GMT+7
Vietnam Q2 GDP growth quickens alongside price pressures
A sanitation worker sweeps the street in Ho Chi Minh City. Photo: Duyen Phan / Tuoi Tre

Vietnam's economy grew at a 7.72% annual pace in the second quarter on the back of robust exports, government data showed on Wednesday, though authorities noted challenges such as rising inflation for the second half of the year.

The Southeast Asian country's gross domestic product growth compared with an expansion of 5.05% in the first quarter and was the strongest growth rate for the April to June quarter since 2011, the General Statistics Office (GSO) said.

For the first half of 2022, GDP grew 6.42% from a year earlier, faster than 2.04% growth in the first half of 2021.

"This is a fairly high growth compared with other countries in the region and in the world, while macroeconomic stability has been maintained," the GSO said in a report.

Vietnam, a regional manufacturing hub, started lifting its coronavirus restrictions late last year, allowing factories to resume full operations.

Exports in the January-June period rose 17.3% from a year earlier to $185.94 billion, while industrial production increased 8.7%, the GSO said.

The agency, however, warned Vietnam's economy will face challenges in the second half, including inflationary pressure, global political uncertainty and the lingering impacts of the pandemic.

"The COVID-19 pandemic has been contained in Vietnam, but its evolvement in the world remains complicated with the possible emergence of new virus variants," GSO chief Nguyen Thi Huong said.

Consumer prices in Vietnam in June rose 3.37% from a year earlier, led by an increase in the cost for food and energy. Transportation cost rose 21.4% from a year earlier.

Vietnam has target of capping inflation at 4% this year.



Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Latest news

HPV vaccine provides real benefits for men, analysis shows

Vaccination of boys and men against the human papillomavirus (HPV) reduces their risk of head and neck cancers and other malignancies, a new analysis shows, adding to the vaccine's proven benefit in protecting women from cervical cancer