Vietnam posts export surplus, growing economy despite virus crisis

Containership leaving Saigon Port

Vietnam reported a surprise trade surplus of $4 billion for the first half of the year, a sharp increase compared to the same period last year of $1.7 billion despite considerable impacts from the Covid-19 pandemic, the country’s General Statistics Office (GSO) said.

The news came after the GSO announced that Vietnam’s gross domestic product (GDP) expanded 1.81 per cent year-on-year during the same period, the lowest six-month growth pace since 2011, but at least no recession as many of its peers are faced with.

The GSO stated that the import and export revenues of several goods have suffered significant effects from the coronavirus pandemic which continues to develop in a complicated manner on a global scale, particularly among Vietnam’s leading trade partners.

The country’s export revenue was reported at $121.21 billion and import revenue was at $117.17 billion which translates into a trade volume of $238.4 billion in the first six months of this year, down 2.1 per cent over the same period last year. Export revenue declined slightly by 1.1 per cent and import revenue decreased by three per cent.

Successful fight against coronavirus a major contributor to recovery

The surprise economic growth in the first half is being attributed by the government to “a successful fight against the Covid-19 pandemic and strong efforts of both the government and society to maintain business operations.”

Manufacturing and processing was the driving force of the economy in the first six months with an expansion of 4.96 per cent, along with wholesale and retail with a growth rate of 4.3 per cent, as well as finance, banking and insurance with 6.78 per cent. Agriculture, forestry and fishery increased by 1.19 per cent, while industry and construction rose by 2.98 per cent. The service sector climbed by 0.57 per cent.

Meanwhile, the International Monetary Fund forecast Vietnam’s economy to grow 2.7 per cent this year, the highest in Asia, compared to an expected contraction of 4.9 per cent of the global economy and major economies much more effected, namely with negative eight per cent for the US GDP, negative 10.2 per cent for Europe, negative 7.8 per cent for Germany and negative 12.5 per cent for France.



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Containership leaving Saigon Port Vietnam reported a surprise trade surplus of $4 billion for the first half of the year, a sharp increase compared to the same period last year of $1.7 billion despite considerable impacts from the Covid-19 pandemic, the country’s General Statistics Office (GSO) said. The news came after the GSO announced that Vietnam’s gross domestic product (GDP) expanded 1.81 per cent year-on-year during the same period, the lowest six-month growth pace since 2011, but at least no recession as many of its peers are faced with. The GSO stated that the import and export revenues of several...

Containership leaving Saigon Port

Vietnam reported a surprise trade surplus of $4 billion for the first half of the year, a sharp increase compared to the same period last year of $1.7 billion despite considerable impacts from the Covid-19 pandemic, the country’s General Statistics Office (GSO) said.

The news came after the GSO announced that Vietnam’s gross domestic product (GDP) expanded 1.81 per cent year-on-year during the same period, the lowest six-month growth pace since 2011, but at least no recession as many of its peers are faced with.

The GSO stated that the import and export revenues of several goods have suffered significant effects from the coronavirus pandemic which continues to develop in a complicated manner on a global scale, particularly among Vietnam’s leading trade partners.

The country’s export revenue was reported at $121.21 billion and import revenue was at $117.17 billion which translates into a trade volume of $238.4 billion in the first six months of this year, down 2.1 per cent over the same period last year. Export revenue declined slightly by 1.1 per cent and import revenue decreased by three per cent.

Successful fight against coronavirus a major contributor to recovery

The surprise economic growth in the first half is being attributed by the government to “a successful fight against the Covid-19 pandemic and strong efforts of both the government and society to maintain business operations.”

Manufacturing and processing was the driving force of the economy in the first six months with an expansion of 4.96 per cent, along with wholesale and retail with a growth rate of 4.3 per cent, as well as finance, banking and insurance with 6.78 per cent. Agriculture, forestry and fishery increased by 1.19 per cent, while industry and construction rose by 2.98 per cent. The service sector climbed by 0.57 per cent.

Meanwhile, the International Monetary Fund forecast Vietnam’s economy to grow 2.7 per cent this year, the highest in Asia, compared to an expected contraction of 4.9 per cent of the global economy and major economies much more effected, namely with negative eight per cent for the US GDP, negative 10.2 per cent for Europe, negative 7.8 per cent for Germany and negative 12.5 per cent for France.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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