Vietnam’s Q2 growth quickens

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HANOI (Reuters) – Vietnam’s annual economic growth rate quickened to 6.17 percent in the second quarter, government data showed yesterday, as strong manufacturing growth offset a continuing slump in mining production.

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In January-March, the growth rate was 5.15 percent, the lowest in three years.

Vietnam’s target for full-year 2017 growth is 6.7 percent.

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To achieve that, there needs to be 7.4 percent expansion in the second half, according to Ha Quang Tuyen, head of the general statistics office’s national accounts department.

In the second quarter, manufacturing and processing growth surged to 12.09 percent from a year earlier, compared with 8.6 percent in the previous three months.

Mr Tuyen said a main factor for the rise was ramped up production by South Korea’s Samsung Electronics Corp., Vietnam’s biggest foreign investor.

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