Vietnam’s GDP Expands by 7.72% in 2Q22

Vietnam’s economy showed strong growth in 2Q22 on the back of robust exports despite challenges such as rising inflation and global uncertainties, government data showed on Wednesday.

The General Statistics Office (GSO) on Wednesday reported that Vietnam’s gross domestic product expanded 7.72 percent in 2Q22, compared to a growth rate of 5.05 percent in the first quarter. This was the highest expansion rate for the April to June quarter since 2011.

During the first six months of 2022, Vietnam’s GDP expanded by 6.42 percent compared to the same period in 2021, which saw a growth rate of 2.04 percent.

In a report, the GSO stated, “This is a reasonably strong growth compared to other countries in the area and the world, yet macroeconomic stability has been maintained.”

Exports jumped 17.3 percent year on year to US$185.94 billion in the January-June period, while industrial production increased 8.7 percent, according to the GSO.

However, the agency warned that Vietnam’s economy will confront challenges in the second half, including inflationary pressure, global political uncertainty, and lingering pandemic effects.