Vietnam’s economy expanded by an estimated 7.67% year-on-year in the second quarter, according to Finance Minister Nguyen Van Thang.

This growth rate surpasses the 6.93% expansion recorded in the first quarter of 2024. The combined growth for the first half of the year is projected to reach about 7.31%, Thang stated in a government announcement following a cabinet meeting on Thursday.

Manufacturing has been a key driver of Vietnam’s economic performance, growing by 10% in the first six months of 2024. Exports increased by 14.4% during the same period, generating a trade surplus of $7.63 billion for the country.

Despite the positive figures, the finance ministry warned that Vietnam’s 2025 growth target faces numerous challenges, with the macro economy remaining under significant pressure. The management of foreign exchange rates and interest rates were specifically identified as areas of concern.