Vietnam records lowest GDP growth rate in 30 years

Vietnam’s gross domestic product (GDP) increased by 1.81 percent during the first six months of 2020, the lowest first-half growth pace since 2011, according to the General Statistics Office (GSO).

Vietnam records lowest GDP growth rate in 30 years

Head of the GSO’s National Account System Department, Duong Manh Hung speaks at the press conference on June 29.

Addressing a press meeting held by the office on Monday morning, head of the GSO’s National Account System Department, Duong Manh Hung noted that the situation was attributed to the Covid-19 pandemic with social distancing measures.

“Statistics collected since 1991 showed that the economy had never seen such a low first-half GDP growth rate,” Hung said.

Earlier, GSO reported that GDP of the second quarter alone rose by just 0.36 percent year on year, which was also the lowest increase in Q2 during the 2011-2020 period.

“GDP growth rate from 2011-2020 stood at 5,93% 5,08%, 5%, 5,34%, 6,47%, 5,78%, 6,36%, 6,73%, 6,73% and 0,36%,” the report said.

Hung said it would be very difficult to reach the targeted 6.8 percent growth rate for this year.

“We would have to achieve a growth rate of 10 percent in the second half in order to reach our targeted growth,” he said, adding that it seems impossible when the on-going pandemic is still heavily-affecting global trade.

The official, however, said that the situation in Vietnam was still better than many countries that have reported negative growth rates due to the pandemic.

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