Vietnam’s GDP in H1 Increases 5.6%, Driven by Industry & Construction Boom

• 2 July 2021
• Construction Focus
• 1953 Views

Vietnam saw a year-on-year GDP growth of 5.64% in the first half of 2021, three times higher compared to the same period last year, thanks to the industry and construction boom as the main driving factor, reported Xinhua.

According to the General Statistics Office on 29 June, the growth was driven by sectors such as the industry and construction sector that grew by 8.36%; agriculture, forestry and fishery by 3.82%; and services by 3.96%.

The three sectors respectively also contributed 59.05%, 8.17%, and 32.78% to the overall growth.

“Amid the complicated development of the COVID-19 pandemic in several localities, the result reflected great efforts of the government, businesses and the people to realize the goals of both controlling the epidemic and developing the economy,” said General Statistics Office.

Vietnam’s GDP grew by only 2.91% in 2020 due to the pandemic, the lowest growth reported over the past decade. However, International Monetary Fund (IMF) in April projected that Vietnam’s economy would grow by 6.5% in 2021, higher than the global average of 6%, before jumping to 7.2% next year.

• Economy and Finance