Six-month growth higher than expected

The better-than-expected growth and a big trade surplus were among the results recorded during the first half of 2024, as heard at the Government's regular press meeting held in Hanoi on July 6. Generally speaking, the economy recovered to the pre-COVID-19 level during the first six months and continued the positive trend, with performance improving month over month and quarter over quarter. Most areas saw better performance than in the same period of 2023, with the gross domestic product (GDP) rebounding strongly to grow 6.93% in the second quarter and 6.42% in H1, much higher than the 3.84% recorded during the same period last year and also better than the 5.5-6% scenario set in the Government's Resolution 01-CP.

The macro-economy has been kept stable, inflation under control, and major economic balances ensured. The six-month consumer price index (CPI) increased by 4.08%, with core inflation up by 2.75%.  Energy and food security has also been guaranteed. Notably, exports continued soaring, with overseas shipments rising 14.5% and imports climbing 17% during H1, resulting in a trade surplus of 11.63 billion USD, helping ensure the balance of payments.  The service and tourism sectors have also bounced back strongly, with total retail sales of goods and consumer service revenue increasing by 8.6%. Meanwhile, the number of international arrivals topped 8.8 million in six months, surging 58.4% year on year and 4.1% from the same period of 2019 before the pandemic broke out.