Vietnam’s GDP is expected to rise by 5.8% in the first six months of 2021 despite the negative impacts from pandemic, according to figures released by the Ministry of Planning and Investment.
The GDP growth rate in the first 6 months will be 1.31 percentage points lower than the scenario target of 7.11% set earlier the government.
The macroeconomy remained stable despite the COVID-19 pandemic. Inflation is under control. The currency and foreign exchange markets were stable, the ministry said in the report on the socio-economic situation in May and the first 5 months of the year.
According to the ministry’s report, State budget revenue in 5 months reached 49.7% of the estimate, up 15.2% over the same period in 2020.
Total export and import turnover in the reported period was estimated to increase 33.5% compared to the same period in 2020. State budget revenue in 6 months is estimated at 55.5% of the estimate, up 10.9% over the same period in 2020.
Agricultural and industrial production grew by 3% and about 7.8%. Product output of textile, garment, and automobile industries increase, but the output of electronic products is forecasted to increase slightly or even decrease.
According to the ministry, the number of newly registered enterprises is forecast to continue increasing slightly at about 1.6% but the newly registered capital is forecast to increase strongly.
The driving force for economic growth in 2021 is determined to come from the industry – construction sector and the service sector, especially the manufacturing and processing industry, increasing investment and expanding commercial activities.
“The successful response, prevention and control of the COVID-19 pandemic is an important factor that plays a decisive role in macro stability and economic recovery in the last months of 2021,” Minister Nguyen Chi Dung said.