Vietnam's economic growth rate will grow 6.76% in the first half of 2019

Vietnam's economic growth rate (GDP growth rate) was 6.8% year-on-year in the first half of 2019, showing the second highest growth rate since 2011.According to Vietnam's General Administration of Statistics, although the growth rate was lower year-on-year, it was still higher than the annual economic growth rate for the period 2011-2017.

Economic growth growth rate of manufacturing processing sector is highest in the first half of 2019

The manufacturing and processing sector recorded the highest economic growth in the first half of the year at 11.18%. The construction sector grew by 8.93%, the services sector by 6.69%, and the agriculture, forestry and fisheries sector by 2.39%.

Vietnam has focused on mineral extraction, with the mining sector growing by 1.78%, recovering from the slump of the past three years.

Vietnam in 2019Economic growth growth rate targeted at 6.8%

The country is targeting growth of 6.6-6.8 percent this year.

Last year's GDP growth rate was 7.08%, the highest growth rate in the past 10 years.

The World Bank said in April that Vietnam's GDP growth is expected to fall to 6.6% this year. According to a World Bank report, the decline from last year's 7.1% GDP growth is due to tighter monetary policy, slower consumer spending and weaker external demand. 

Vietnam's GDP growth rate declined by 0.3 percentage points compared to the previous year, similar to the 22 developing countries in the East Asia and Pacific region.

 

EAP (East Asia Pacific)

According to a World Bank report, the GDP growth rate of East Asia and the Pacific region in fiscal 2017 was 6.6%, and in fiscal 2018 it was 6.2%, ranking it as one of the world's top economic growth regions.We also predict continued strong growth going forward.

Thailand is expected to see steady growth due to rising investment and private consumption. Economic growth rates are also expected to be stable in the Philippines and Vietnam, but are expected to be weak in Malaysia.

The two major risks within the EAP region are the tightening of the global funding environment and the rise of trade protectionism. Regarding developing countries,It is also of the view that large-scale infrastructure investment is required due to business demands.

Asian Development Bank ADB predicts Vietnam's economic growth rate (2019) to be 6.8%

 

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