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| Vietnam's economy continues to grow in the second quarter of 2023. (Photo: Viet An) |
The above information was given by Director General of the General Statistics Office ( Ministry of Planning and Investment ) Nguyen Thi Huong at a press conference announcing socio-economic statistics for the second quarter and the first 6 months of 2023, on the morning of June 29.
Speaking at the press conference, General Director Nguyen Thi Huong said that in the context of the unpredictable and unfavorable fluctuations in the world economic and political situation, however, with the participation of the entire political system, the timely, drastic and close direction and management of the Government, the Prime Minister and the efforts of all levels, sectors, localities, the business community and people nationwide, Vietnam's economy achieved a growth rate of 3.72% in the first 6 months of the year.
Ms. Huong commented: “This is not a high growth rate, but major balances are ensured, the macro economy is stable, and inflation is controlled at an appropriate level in the context of facing many difficulties and challenges both domestically and internationally.
Supply and demand of essential goods are ensured, domestic purchasing and consumption activities are promoted. The agricultural, forestry and fishery sector maintains stable growth, ensuring the supply of food, foodstuffs and essential goods.
The progress of public investment disbursement has improved significantly, the trade balance of goods has maintained a surplus, and social security has been given attention…”
The processing and manufacturing industry increased by 0.37%, contributing 0.1 percentage points. The electricity production and distribution industry increased by 1.79%, contributing 0.07 percentage points.
The mining industry decreased by 1.43%, reducing the total added value growth of the whole economy by 0.05 percentage points. The construction industry increased by 4.74%, contributing 0.31 percentage points.
According to General Director Nguyen Thi Huong, policies to stimulate domestic consumption and tourism promotion activities have contributed to maintaining growth in the service sector.
Accordingly, 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 of 2020 and 2021.
In the service sector, the contribution of some industries with large proportions to the total added value growth of the whole economy is as follows: Wholesale and retail increased by 8.49% over the same period last year, contributing 0.88 percentage points; transportation and warehousing increased by 7.18%, contributing 0.45 percentage points; finance, banking and insurance activities increased by 7.13%, contributing 0.4 percentage points; accommodation and catering services increased by 15.14%, contributing 0.37 percentage points.
Regarding the economic structure in the first 6 months of 2023, the agriculture, forestry and fishery sector accounted for 11.32%; the industry and construction sector accounted for 36.62%; the service sector accounted for 43.25%; product taxes minus product subsidies accounted for 8.81% (The corresponding structure of the same period in 2022 was 11.21%; 38.00%; 41.85%; 8.94%).
The General Statistics Office forecasts: “In addition to the achieved results, entering the third quarter of 2023, the socio-economy continues to face many difficulties and challenges; fluctuations in the world economy and politics, energy security, food security, natural disasters, climate change and unusual and unpredictable epidemics.
Therefore, achieving the growth target in 2023 is a huge challenge, requiring great efforts and determination, and the joint efforts and consensus to create the combined strength of the entire political system, businesses and people across the country."
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