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Vietnamese economy bounced back in Q2 2021

After growing 4.48 per cent in the first quarter of 2021, the Vietnamese economy bounced back to 6.61 per cent in Q2, pushing the six-month growth to 5.64 per cent against only 1.81 per cent in the same period last year.

“Despite the ongoing pandemic, the economy has grown stronger thanks to the government’s major efforts in curbing the pandemic, and enterprises’ growing confidence in the domestic business and investment climate which is increasingly improved,” said the General Director of the General Statistics Office.

Industrial production in the second quarter of 2021 saw positive growth of 11.45 per cent as compared to 6.29 per cent in the first quarter and only 1.1 per cent in the same period last year.

Total export and import turnover in the first six months reached $316.7 billion, up 32.2 per cent year-on-year, of which export was up 28.4 per cent.

With its 70 per cent of population living on agricultural activities, Vietnam saw the total export turnover of the agriculture sector in the first six months of 2021 exceed the set plan, achieving a high result of $24.23 billion, up 28.2 per cent on year.

However, there was a trade deficit of $1.47 billion in the period due to the import of input materials for production of export goods and domestic consumption. The deficit reflects Vietnam’s high dependence on imported inputs in processing and manufacturing.

Overall, such an economic growth rate for the first half of 2021 would also mean that bigger efforts must be made to reach the goal of 6 per cent set by the National Assembly and about 6.5 per cent set by the government for 2021.

The government noted that economic growth in the first six months of this year has failed to reach the set target, with slow disbursement of public investment, the trade balance tending to shift to a deficit, and rising pressure in inflation. Production and business activities in many setors have been seriously affected, with the life of many people facing difficulties, especially in pandemic-hit areas and labourers at industrial zones affected by outbreaks.

Therefore, new legislation has been set out in order to not only push forward growth and accelerate public investment, but also continue to support enterprises through the pandemic era and ensure the country remains open for business.

(Vietnam Investment Review – July 5-11, 2021)

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