Vietnam 1H GDP +3.9% On Year Vs 6.5% In 1H 2008

VNStockNews.com - Vietnam's economy grew 3.9% in the first half of this year, slower than last year's first-half growth of 6.5%, the government said Wednesday.

The economy grew 4.5% in the second quarter, "equivalent to 79% of the second quarter last year," the General Statistics Office said.

Gross domestic product was valued at VND731.6 trillion ($41.81 billion) in the first half of this year, the GSO said.

In the first half of 2009, the industry and construction sector remained the main driver of the economy, accounting for 39.31% of GDP and growing 3.48% from last year, a slowdown from 7.00% growth in the same period of last year.

The services sector expanded 5.50% on year, comprising 38.39% of GDP, while the agricultural sector grew 1.25% from a year ago, accounting for 22.30% of GDP.

The statistics office said total investment in Vietnam in the first six months rose 18.1% on year to VND322.6 trillion, including VND110.1 trillion from foreign firms, down 18.4%.

Between January and June, Vietnam earned $27.6 billion from its export of goods and commodities, down 10.1% on year, and $2.74 billion from its export of services, down 25.7%. The country imported goods valued at $29.7 billion, down 34.2%, and services valued at $3.26 billion, down 26.2%.

The GSO said total retail sales in the domestic market rose 20% on year to VND547.5 trillion. (Dow Jones)