Vietnam’s GDP expands 7.72 percent in second quarter of 2022

Vietnam’s Gross Domestic Product (GDP) in the second quarter of this year was estimated to increase 7.72 percent year-on-year, higher than the growth rates in the same quarters during the 2011-2021 period, the General Statistics Office of Vietnam (GSO) reported at a press conference on June 29.

According to GSO General Director Nguyen Thi Huong, the country's socio-economic development in the first six months of 2022 has prospered in most industries and fields, especially processing and manufacturing industry; retail sales of consumer goods and services; and exports.

The agriculture-forestry-fishery sector increased 3.02 percent, contributing 4.56 percent to the overall growth of the economy.

vietnams gdp expands 772 percent in second quarter of 2022

Vietnam’s GDP expanded 7.72 percent in second quarter of 2022 (Photo: VNA)

The industry and construction sector was up 8.87 percent, making up 46.85 percent, while the service sector rose by 8.56 percent, contributing 48.59 percent to the general GDP growth, Huong said.

Regarding GDP use, final consumption expenditure increased by 7.32 percent over the same period last year; accumulated assets rose by 4.57 percent; exports of goods and services surged 12.33 percent; imports of goods and services up 4.88 percent.

In the January – June period, the country's GDP grew by 6.42 percent, higher than the 2.04 percent and 5.74 percent growth rates of the same periods in 2020 and 2021, respectively.

In terms of economic structure in the first two quarters, the agriculture-forestry-fishery sector accounted for 11.05 percent of the country’s economy; the industry-construction and service sectors made up 39.3 percent and 40.63 percent, respectively, the GSO said.

Source: NDO/VNA

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