VGP – The GDP growth rate was only 1.81% in the
first six months of 2020, the lowest level over the past decade due to the
COVID-19 pandemic and global uncertainties, the General Statistics Office (GSO)
GSO Deputy General Director Nguyen Thi Huong was
quoted as saying that the COVID-19 pandemic has seriously caused impacts on
all socio-economic aspects worldwide. Big economies such as the U.S., Japan,
and the EU are struggling with the worst economic recession, global
declining trade, disrupted supply chains, sharp decreases of crude oil
prices, and high unemployment rates.
The complicated COVID-19 outbreak has negatively
impacted the domestic market. The entire political system, the Government,
and the PM gave a top priority to disease prevention and control; stood
ready to compromise economic benefits to ensure lives and health for
The Deputy General Director attributed great efforts
of all levels, sectors, the business community, and people to the modest GDP
growth rate, gradually bringing the economy back to normal.
The GSO added that the agro-forestry-fishery sector
expanded 1.19%, contributing 11.89% of the total GDP; industry and
construction up 2.98% (accounting for 73.14%); service sector up 0.57%
In the first half, major driving forces of the
economy included the processing and manufacturing sector (up 4.96%); market
services (whole sales and retail sales up 4.3%; finance, banking, and
insurance sectors up 6.78%).
Regarding the structure of the economy during the
first half of the year, the sector of agriculture, forestry and fishery made
up 14.16%; the sector of industry and construction accounted for 33.44%; the
service sector represented 42.04%; and product taxes less subsidies on
production accounted for 10.36%.
In terms of GDP use during this period, the final
consumption rose by 0.69% against the same period of last year; accumulated
assets grew by 1.93%; trade balance of goods and services shrank by 2.23%./.