The country's economy outlook continued its rapid recovery in the first half of this year with positive trends in two key economic indicators, gross domestic product and consumer price index, reported the Ministry of Planning and Investment.

 

In the first six months, GDP grew from 6 to 6.1 percent. In the first quarter, GDP increased by 5.83 percent and then rose from 6.2 to 6.4 percent in the second quarter. CPI rose 0.22 percent in June compared to the previous month.

 

All sectors achieved growth rates higher than the same period last year. In particular, agriculture, forestry and aquaculture grew from 2.7 to 3.2 percent, industry and construction increased from 6 to 6.7 percent, and services rose from 6.8 to 7.2 percent.

 

A number of factors supporting growth have been beneficial to the upward trends. Development of the investment environment helped triple industrial production last year. Improvements to meeting consumer demands and exports also continued.

 

An estimated 36.5 percent of the investment capital allocated from the State coffer for the year was used through May. The amount of capital disbursed through official development assistance (ODA) channels was higher than the same period last year. Total outstanding national loans as of May 31 increased by 7.5 percent higher against last December.

 

During the first six months, foreign investment reaches 8.43 billion USD in registered capital, with FDI disbursement reaching 5.4 billion USD, according to the Foreign Investment Agency.

 

The Ministry of Industry and Trade reported output growth for 29 of the country's 33 key industrial products in the last six months against the same period last year.

 

Oil output increased more than 7 times, liquefied petroleum gas more than doubled, air-conditioners rose by nearly 46 percent and machine tools increased by 45 percent.

 

Total retail sales of goods and social services showed a 27-per-cent year-on-year increase.

 

A positive trend was also seen in exports, with many industrial products gaining over the same period last year. Experts said this was a good sign and provided a basis to forecast good export growth this year to compensate for the low gains from the mineral and gold export sector.

 

The MPI said that in the near future, exports would be strengthened and the domestic market would continue to be developed, creating a driving force for growth.

 

Efforts will be made to keep the prices of "sensitive" items such as rice, meat, gasoline and medicines stable.

 

The Vietnam Food Association said that in the first half of June, Vietnam exported nearly 200,000 tonnes of rice, bringing the total rice export to about 2.9 million tonnes for a turnover of 1.3 billion USD.

 

The Domestic Market Watch Team under the Ministry of Industry and Trade forecast that rice prices would remain at low levels, while the growing supply from new crops in the northern provinces would lead to stable prices.

 

Domestic petrol prices would remain stable and gas prices would fall with a decline in world prices. Steel prices were forecast to continue falling.

 

(CPV/VNA)