H1 GDP expands 8.18 per cent on robust manufacturing, exports

H1 GDP expands 8.18 per cent on robust manufacturing, exports

The industrial and construction sector remained the main engine of growth, expanding 9.81 per cent in the first six months and contributing more than 47 per cent of overall economic growth.

Garment production at Thiên Sơn Garment Company in Hưng Yên Province. Manufacturing rose 10.23 per cent and accounted for 33 per cent of total economic growth. — VNA/VNS Photo Thế Duyệt

The Vietnamese economy expanded 8.18 per cent in the first half of 2026, driven by robust manufacturing, resilient domestic consumption and recovering exports, keeping the country on track with one of Asia’s fastest growth rates, the National Statistics Office (NSO) said at a press conference on Friday.

Gross domestic product (GDP) grew 8.39 per cent in the second quarter, higher than the previous quarter as industrial production, construction and services all posted strong gains.

The industrial and construction sector remained the main engine of growth, expanding 9.81 per cent in the first six months and contributing more than 47 per cent of overall economic growth.

The NSO attributed the robust performance to strengthening growth drivers, a recovery in export orders and spillover effects from hastened public investment disbursement.

Manufacturing, the backbone of Việt Nam's export-led economy, rose 10.23 per cent and accounted for 33 per cent of total economic growth. Electricity production and distribution increased 9.34 per cent, while construction expanded 9.51 per cent.

The services sector grew 8.09 per cent, contributing 4.72 per cent to overall GDP growth, supported by stronger consumer spending, tourism and transportation.

Agriculture, forestry and fisheries were stable, growing by 3.87 per cent and contributing 5.66 per cent to overall economic growth, as agricultural exports continued to expand and domestic food production remained stable.

Exports of goods and services rose 20.18 per cent during this period, outpacing last year's growth, while imports increased 26.44 per cent as manufacturers stepped up purchases of raw materials and machinery to meet rising production demand.

Exports rose 21.0 per cent year-on-year to US$266.5 billion in the first half of 2026, while imports surged 33.4 per cent to $283.2 billion, resulting in a trade deficit of $16.7 billion compared with a surplus a year earlier. The US remained Việt Nam's largest export market, while China was its biggest source of imports.

Services exports increased 20.5 per cent to $17.4 billion in the first six months, led by tourism and transport, while services imports rose 19.4 per cent to $23.0 billion, leaving a services trade deficit of $5.5 billion.

The nation's economic structure continued to shift toward industry, with the industrial and construction sector accounting for 37.66 per cent of GDP in the first six months, compared with 36.82 per cent a year earlier. Services represented 43.52 per cent of the economy, while agriculture accounted for 10.61 per cent.

The economy has maintained strong momentum despite an uncertain global trade environment, driven by manufacturing, public investment and domestic demand. 

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