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Vietnam's GDP grows 3.72 pct in H1

HANOI, June 29 (Xinhua) -- Vietnam recorded a modest year-on-year GDP growth of 3.72 percent in the first half of this year, the second lowest in the same period in 2011-2023, the country's General Statistics Office announced Thursday.

Specifically, the sector of agriculture, forestry and fishery grew by 3.07 percent against the same period last year, while the industry and construction sector grew 1.13 percent and services up 6.33 percent.

The three sectors respectively contributed 9.28 percent, 11.87 percent and 78.85 percent to the overall growth, said the office.

In the second quarter alone, Vietnam posted a GDP growth of 4.14 percent, also the second lowest in the same period in 2011-2023. The lowest was recorded in 2020 when the economy was hard hit by the COVID-19 pandemic.

In 2022, the country posted a GDP growth of 8.02 percent, much higher than 2.56 percent in 2021. Vietnam's top legislature has set the target at 6.5 percent this year.

The Asian Development Bank forecast in April that Vietnam's economy will grow 6.5 percent this year, supported by faster public spending, stronger private consumption and tourism recovery.