First-half GDP expands 7.08 percent, hitting 8-year high
Vietnam’s gross domestic product (GDP) expanded 7.08 percent in the first half of the year, marking the highest rate since 2010, fueled by robust expansion of the industrial and construction sector and service sector, according to the General Statistics Office (GSO).
Vietnam’s gross domestic product (GDP) expanded 7.08 percent in the first half of the year, marking the highest rate since 2010. (Photo: VNA)
Hanoi (VNA) – Vietnam’s gross domestic product (GDP) expanded 7.08percent in the first half of the year, marking the highest rate since 2010, fueledby robust expansion of the industrial and construction sector and servicesector, according to the General Statistics Office (GSO).
“Impressivegrowth was seen in the agriculture, seafood, processing and manufacturing andservice sectors and exports continued to be a driving force for the nation’seconomic development,” said GSO General Director Nguyen Bich Lam at a pressconference in Hanoi on June 29.
The agro-forestry-fishery sector picked up 3.93 percent, contributing 9.7percent of the GDP growth. Expanding 9.07 percent and 6.9 percent, theindustrial and construction sector and the service industry contributed 48.9percent and 41.4 percent, respectively, of the GDP growth.
Notably, the industrial sector climbed 9.28 percent in the second quarter,which is much higher than 7.01 percent and 5.42 percent recorded the sameperiod in 2016 and 2017. Processing and manufacturing were the pillar of thegrowth, which scaled up 13.02 percent, the highest level in recent seven years.
The service industry saw the contributions of wholesale and retail sale,financial activities, banking and insurance, accommodations and restaurants, transportationand warehouse and property.
The GSO head said that business confidence was high among domestic and foreigninvestors in the six-month period. According to Nikkei report, Vietnam’spurchasing managers index (PMI) edged up 52.7 points in April to 53.9 points inMay.
In addition, Vietnam jumped 14 steps to rank 69th among 190economies in the World Bank’s Doing Business 2018 report, which acknowledgedsignificant improvements of Vietnam in the areas of getting electricity,getting credit, paying taxes, trading across borders and enforcing contracts.This is expected to create favourable conditions for investments by the privatesector.
Nikkei said that by May, Vietnam posted the strongest growth in the number ofexport orders in 14 months.
“These macro-economic indices proved the promptness and efficiency in thesteering work of the Government and the Prime Minister along with efforts ofministries, sectors and localities since the onset of the year,” Lam said.-VNA
About two years ago I read on Viet Nam News about the willingness of the Vietnamese Government to let foreign companies set up shop in Vietnam, which I think is a good idea in developing economies. In the initial stages, typically an economy doesn’t have all the skills needed for growth to get momentum.
Vietnam’s economy could grow by 7.02 percent in 2018 under a high growth rate scenario, according to the National Center for Socio-Economic Information and Forecast (NCIF).
The Government will strive for gross domestic product (GDP) growth of 6.8 percent in 2019, according to a direction freshly inked by Prime Minister Nguyen Xuan Phuc.
The gross domestic product (GDP) of agriculture, forestry and fishery is estimated to expand from 3.95 percent to 4.05 percent in the first six months of 2018, the highest level in 10 recent years.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Vietnam’s gross domestic product (GDP) expanded 7.08 percent in the first half of the year, marking the highest rate since 2010. (Photo: VNA) 
