GDP in the second quarter increased by 4.14%

Economic growth in the second quarter is estimated at 4.14%, just higher than the same period in 2020 - the bottom of the 13-year period due to the appearance of Covid-19.

This morning, the General Statistics Office held a press conference on the economic situation in the first half of the year. Accordingly, GDP in the second quarter is estimated to increase by 4.14% over the same period last year. Considering the period 2011-2023, this result is only 0.34% higher than the growth rate of the second quarter of 2020, the period when the Covid-19 pandemic was complicated. In the first 6 months of the year, GDP increased by 3.72%.

The support for the economy currently lies in the service sector. Thanks to policies to stimulate domestic consumption, the promotion and promotion of tourism have contributed to maintaining the growth of this sector. The added value of the service sector in the first 6 months of 2023 increased by 6.33% over the same period last year, higher than the increase of 1.18% and 4.53% in the same period in 2020 and 2021.

The remaining industrial and construction sectors, the industry, face many difficulties in the general context of the world economy. The added value of the entire industry in the past 6 months increased by 0.44% compared to the same period last year - the lowest increase of the same period if considering the entire period 2011-2023.

In the first 6 months of 2023, Vietnam is estimated to have a trade surplus of 12.25 billion USD with a total trade turnover of 316.65 billion USD, but both exports and imports decreased sharply by 12-15% compared to the same period last year.

Mr. Nguyen Viet Phong, Director of the Department of Trade and Services Statistics, said that the decrease in Vietnam's import-export turnover is part of a general trend when global demand declines. Data shows that by April 2023, 13 out of 16 countries with large trade scale globally reduced exports, 12 out of 16 countries reduced imports.

"Vietnam has seen a decline in imports and exports for two consecutive quarters, with the second quarter being stronger than the first," he said. The decline in imports of goods such as machinery, equipment, and raw materials also shows that domestic production demand is showing negative signs.

However, he assessed that the total import-export turnover of more than 316 billion USD in the first 6 months still showed some positive signs, equivalent to the scale of 2021.

"In the context of a general economic downturn, Vietnam's trade balance is still positive with a trade surplus of 12.25 billion USD, contributing to economic growth," he said. In the future, according to the General Statistics Office, imports and exports may face many adverse impacts when global demand has not recovered and geopolitical conflicts are unpredictable.

In the first half of the year, 113,600 new businesses were established and returned to the market, an average of 19,000 units per month. Meanwhile, about 100,000 businesses withdrew, an average of 16,600 units, down from the average of the first 5 and 4 months of the year.

The results of the survey on business trends of the processing and manufacturing industry group in the second quarter also showed that the number of optimistic enterprises increased compared to the first quarter. The number of enterprises assessing better business trends in the third quarter is expected to also increase.

The consumer price index (CPI) in June increased by 0.27% compared to the previous month and 2% compared to the same period last year due to increased food prices and electricity costs due to prolonged heat and adjustments to average retail electricity prices. On average, the CPI in the first 6 months of the year increased by 3.29% compared to the same period last year. Core inflation increased by 4.74%, higher than the average CPI.

Duc Minh - Tat Dat

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