Vietnam’s GDP growth improves but stays weak in Q2, as manufacturing remains soft

[HANOI] Vietnam’s economic growth improved in the second quarter of 2023 but remained slower than last year amid weakening external demand, despite the central bank’s accommodative monetary policies to support businesses.

According to estimates released by the General Statistics Office on Thursday (Jun 29), gross domestic product (GDP) grew 4.14 per cent year on year in the second quarter. This was an improvement from 3.3 per cent in the preceding quarter, but much slower than the 7.72 per cent expansion in Q2 2022.

The latest figures bring first-half growth to 3.72 per cent year on year – the second-lowest rate of first-half growth in the last 12 years, the agency noted in its report.