Vietnam’s GDP expands 7.72% in second quarter of 2022, highest in the decade

Vietnam’s GDP expands 7.72% in second quarter of 2022, highest in the decade

According to the General Statistics Office, Vietnam’s GDP in the second quarter of this year was estimated to increase 7.72% year-on-year, the highest growth rates in the same quarters during the 2011-2021 period.

Vietnam’s economy after the impact of the pandemic

Vietnam’s GDP expands 7.72% in second quarter of 2022, highest in the decade

Under the influence of the Covid-19 pandemic and the impact of the Russia-Ukraine conflict, world economic growth is forecast to decrease, but Vietnam’s economy still grows positively thanks to the implementation of fiscal and monetary policies: opening the economy in association with epidemic prevention; ensure social security and support employment; support the recovery of enterprises,…

In the general growth of the whole economy, the agriculture, forestry and fishery sector increased by 2.78% (contributing 5.07%); the industry and construction sector increased by 7.70%, (contributing 48.33%), of which, the processing and manufacturing industry was the growth engine of the whole economy with an increase of 9.66 %; service sector increased by 6.60%, (contributing 46.60%).

The industrial sector has a high growth rate

The industry in the first 6 months of 2022 has a growth rate of 8.48%.

Many key industries had high growth compared to the same period last year such as: Garment production increased by 23.3%; production of electrical equipment increased by 22.2%; production of drugs, pharmaceutical chemicals and medicinal materials increased by 17.5%;…

In 2021, production and business faced many disruptions due to the covid pandemic, blockade and isolation policies, production enterprises had problems with output reduction and lack of manpower. Currently, production and business activities are gradually recovering.

Read more: Vietnam’s GDP in the first quarter of 2021 increased by 4.8%, FDI increased by 18.5%

Vietnam attracts more than 14 billion USD of FDI in the first half of 2022

According to data from the Foreign Investment Agency, in the first half of 2022, the total newly registered FDI capital, adjusted capital and contributed capital to buy shares in Vietnam reached over 14 billion USD, up 8.9% over the same period last year. This was the highest increase in the past 5 years.

“The recent increase in adjusted capital shows that foreign investors continue to put their faith in Vietnam’s economy and investment environment and make investment decisions to expand existing projects.” Do Nhat Hoang, Director of the Foreign Investment Agency, said.

The field of processing and manufacturing industry is always at the top of industries attracting investment to Vietnam. The figure of the first half of this year is nearly 8.84 billion USD, accounting for nearly 63% of the total registered investment capital. Trends in recent years, large-scale investment projects mostly focus on industries with high added value such as manufacturing, assembling equipment, electronic components…

FDI attraction is increasingly focused on high-tech and “cleaner” projects. This shift, along with green growth strategies and commitments at COP26, Vietnam is gradually becoming a destination for high-quality, “green” capital flows.

Source: Investment Newspaper

Read more: Denmark leads in FDI in Vietnam in the first 5 months of 2022

Related News: