Industry, service sectors – engines of growth for Vietnam

Vietnam’s economic growth was backed by the industry and service sectors in the toughest time of the COVID-19 pandemic. Particularly, despite formidable challenges, industrial production expanded 5.42 percent in Quarter 4, 2021, and 9.4 percent in April this year.

The industrial sector experienced a year-on-year increase of over 7 percent in Quarter 1, and grew two percentage points in April as compared to the previous month, providing motivation for the country’s economic growth.

Meanwhile, the service sector became more vibrant with the bouncing back of such segments as finance, banking and insurance, transportation, warehouse and whole sales and retail sales.

Those are vivid illustrations for the efficiency of the Government’s policies to recovery the economy.

According to experts, the service sector will enjoy more robust expansion as economic activities are returning to normal after nearly two years of hiatus.

Experts have their firm belief in the strong growth of the industry and service sectors in the economy as a whole, with increasing business confidence among entrepreneurs and rational policies initiated by the Government./.