Vietnam’s economy saw its growth accelerate to 6.4 percent in the first half of 2024, official statistics showed on Saturday, with the International Monetary Fund (IMF) calling for more reforms to maintain the momentum.
Vietnam’s gross domestic product (GDP) expanded by 3.7 percent year-on-year during the same period in 2023, the General Statistics Office said in a statement.
This growth is the result of “several measures” taken to improve supply chains, the foreign exchange market and public investment, the bureau observed.
In detail, industrial production increased by 7.5%, while foreign investments increased by 8.2% compared to the same period last year, according to the same source.
Vietnamese authorities are targeting growth of 6% to 6.5% this year, compared to 5.05% in 2023.
The Southeast Asian country earned $190 billion from exports during the period, up 14.5 percent from the previous year.
During the first half of the year, the United States was the largest export market for Vietnam, whose economy is largely based on manufacturing.
Despite this performance, the IMF indicated that Vietnam needed a new wave of reforms” in late June.
“Increasing productivity, continuing investments in human and physical capital, and encouraging private investment in renewable energy are all factors that must be taken into account in Vietnam’s reform process” , indicated Paulo Medas, a fund manager, after a visit to the country.
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