Vietnam posts strong GDP growth, boosts investment abroad

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A street scene in Hanoi: Vietnam’s economic momentum is strongest in years © Arno Maierbrugger

Vietnam’s economy continues to show strength with an impressive 7.08 per cent growth in the first half of 2018, the highest rate since 2011. According to the General Statistics Office, growth rates in many sectors beat records that have stood for years.

Economists attribute the strong expansion to industry-construction and service sectors, which contributed 48.9 per cent and 41.4 per cent, respectively, to the overall growth rate.

The processing-manufacturing sector grew 13.02 per cent, while the service sector grew 6.9 per cent in the first six months of the year, both the highest since 2012. The agriculture-fisheries-forestry sector also expanded at its highest rate since 2012 at 3.93 per cent.

The World Bank had forecast in a report early this month that Vietnam’s economy could expand by 6.8 per cent in 2018, revising upwards its previous estimate of 6.5 per cent. It has estimated the nation’s GDP growth at 6.6 per cent in 2019 and 6.5 per cent in 2020.

The Asian Development Bank put its forecast even higher and said in April that it believes that Vietnam’s economy will expand by 7.1 per cent this year, which would be the highest recorded by the country since 2008.

Meanwhile, Vietnam had 67 new investment projects with combined registered capital of $222.5 million in 27 foreign countries and regions in the first half of this year. According to the country’s Foreign Investment Agency, its 16 operational projects abroad increased their capital by a total of $40.6 million,

Of the total capital, 40.4 per cent flowed into the finance and banking sector; 24.2 per cent into agriculture, forestry and fishery; and 18.6 per cent into processing and manufacturing. Country-wise, 31.9 per cent went to Laos, 13.7 per cent to Slovakia and 12.3 per cent to Cambodia, the agency said.

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Reading Time: 1 minute

A street scene in Hanoi: Vietnam’s economic momentum is strongest in years © Arno Maierbrugger

Vietnam’s economy continues to show strength with an impressive 7.08 per cent growth in the first half of 2018, the highest rate since 2011. According to the General Statistics Office, growth rates in many sectors beat records that have stood for years.

Reading Time: 1 minute

A street scene in Hanoi: Vietnam’s economic momentum is strongest in years © Arno Maierbrugger

Vietnam’s economy continues to show strength with an impressive 7.08 per cent growth in the first half of 2018, the highest rate since 2011. According to the General Statistics Office, growth rates in many sectors beat records that have stood for years.

Economists attribute the strong expansion to industry-construction and service sectors, which contributed 48.9 per cent and 41.4 per cent, respectively, to the overall growth rate.

The processing-manufacturing sector grew 13.02 per cent, while the service sector grew 6.9 per cent in the first six months of the year, both the highest since 2012. The agriculture-fisheries-forestry sector also expanded at its highest rate since 2012 at 3.93 per cent.

The World Bank had forecast in a report early this month that Vietnam’s economy could expand by 6.8 per cent in 2018, revising upwards its previous estimate of 6.5 per cent. It has estimated the nation’s GDP growth at 6.6 per cent in 2019 and 6.5 per cent in 2020.

The Asian Development Bank put its forecast even higher and said in April that it believes that Vietnam’s economy will expand by 7.1 per cent this year, which would be the highest recorded by the country since 2008.

Meanwhile, Vietnam had 67 new investment projects with combined registered capital of $222.5 million in 27 foreign countries and regions in the first half of this year. According to the country’s Foreign Investment Agency, its 16 operational projects abroad increased their capital by a total of $40.6 million,

Of the total capital, 40.4 per cent flowed into the finance and banking sector; 24.2 per cent into agriculture, forestry and fishery; and 18.6 per cent into processing and manufacturing. Country-wise, 31.9 per cent went to Laos, 13.7 per cent to Slovakia and 12.3 per cent to Cambodia, the agency said.

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