Report on socio-economic situation in the second quarter and the first 6 months of 2020

Report on socio-economic situation in the second quarter and the first 6 months of 2020

Major economies such as the US, Japan, and the European community are facing the deepest and deepest economic recession in decades; global trade continued to decline, supply chains were disrupted, crude oil prices plummeted due to limited demand; rising unemployment.

According to international organizations and financial institutions, global economic growth will fall into recession in 2020. Along with that, the US-China trade war continues, increasing political tensions between the US – Iran, internal disagreements in the organization of oil exporting countries and on the Korean peninsula have a negative impact on Vietnam’s economy.

In the country, the Covid-19 epidemic evolved complicatedly, negatively affecting all socio-economic fields, the entire political system, the Government and the Prime Minister placed a top priority on prevention and epidemic suppression, sacrifice economic benefits to ensure the lives and health of the people. This is a solid foundation for Vietnam’s economy to continue to grow, without falling into negative growth.

The above results show the victory of all levels, sectors, business communities and people in the fight against disease, while maintaining production and business activities and gradually bringing the economy back to normal state as before the epidemic.

In the growth rate of 1.81% in the first 6 months of the whole economy, the agriculture, forestry and fishery increased by 1.19%, contributing 11.89% to the general growth; industry and construction increased by 2.98%, contributed 73.14%; service sector increased by 0.57%, contributing 14.97%. The main drivers for economic growth in the first 6 months were processing and manufacturing industry (up 4.96%) and market services (wholesale and retail increased by 4.3%; financial activities), banking and insurance increased by 6.78%).

Source: vietnamfinance.vn

News Related

OTHER NEWS

More than VND 334 trillion of domestic taxes are paid electronically

VCN- According to the General Department of Taxation, over the past time, the tax sector has focused on the inventory, review of tax codes, ensuring control of taxpayers and putting them into tax... Read more »

HSC among best-performing companies on Vietnam stock exchange

Ho Chi Minh City Securities Company (HoSE: HCM) was honored among the best performing-companies on the Vietnam’s stock exchange in 2019. Read more »

Vietnam to benefit most from global apparel manufacturing diversification

Vietnam would remain a prime candidate for gains over the near term, according to Fitch Solutions. Read more »

Vietnam, France cooperate in community health protection

Over the past nearly three decades, about 3,000 Vietnamese doctors have been trained in French hospitals; dozens of cooperation programs in various fields, such as doctor training, disease diagnosis and treatment technology and... Read more »

Vietnam should gradually reopen to other economies post-Covid-19

According to experts, Vietnam should follow a gradual reopening roadmap instead of an immediate reopening to other economies in order to protect its achievements in fighting against Covid-19.  Read more »

Vietnamese, Lao companies discuss to find development direction

A seminar with Vietnamese businesses investing and doing business in Laos was held on July 12th to provide information and discuss some measures to continue doing business effectively in the market as the... Read more »

Tiger, pangolin farming in Myanmar risks ‘boosting demand’

Conservationists have warned a sudden change in Myanmar’s law allowing the commercial farming of tigers, pangolins and other endangered species risks further fuelling demand in China for rare wildlife products. The Southeast Asian... Read more »

HCM City optimistic about tourism growth

HCM City Department of Tourism has expressed optimism about the local tourism after Covid-19 during a question and answer session with the deputies from HCM City People’s Council. Bui Ta Hoang Vu, director... Read more »

The Marq enchants Hong Kong investors

The Marq Roadshow held by Asia Bankers Club on June 27-28 at Grand Hyatt Hong Kong to introduce The Marq, a new luxury condominium situated in the heart of District 1 in Ho Chi... Read more »

PVN strategy blends old, new energy sources

 Renewable energy has been identified as one of the key tasks of the Vietnam Oil and Gas Group’s (PVN) development strategy, with capacity target set at 100MW by 2025 and 900MW by... Read more »