Behind the positive GDP growth and higher-than-expected budget revenues, another facet of the 6-month economic picture cannot be overlooked.
Balancing Pandemic Prevention with Business and Production
At 8 PM, the sales office of Melya Fashion Group JSC remains brightly lit. That is the working shift of the online sales team. Over the past two years, in addition to expanding showroom outlets, this company has continuously expanded its online sales channels. To date, online sales revenues have surpassed total in-store sales volume.
A representative from this company shared: "We always maintain that within 'crisis' lies 'opportunity'. Diversifying sales channels helped the company's revenues continue to grow despite the complex developments of the COVID-19 pandemic. Many fashion items sold out quickly upon release. Some collections even sold out during preview presentations before officially hitting store shelves."
The pandemic has indeed brought many enterprises to a standstill. However, stopping or surrendering means losing everything; many businesses continue striving to overcome hardships, balancing pandemic control with maintaining production to contribute to national growth.
Many enterprises are actively optimizing online sales channels.
Trungnam Group is concurrently executing multiple wind power projects spanning the Central Highlands, Tra Vinh, and Ninh Thuan. Ensuring pandemic safety is always the top priority. A single slip-up could expose the entire project to unforeseen risks, especially when the remaining timeline is tight.
A Group representative stated: "To ensure projects stay on schedule, we conduct temperature checks twice daily and distribute face masks and antibacterial hand gels to all employees and workers. Additionally, we conduct full sterilization across the entire project administrative compound.
In-person meetings are restricted to no more than 15 participants with physical distancing observed. Warm salt-water ginger gargles are prepared for staff twice daily; COVID-19 testing is performed for all personnel."
"We strictly forbid staff from gathering at local cafes or pubs during the pandemic," the investor representative added.
Efforts by enterprises to balance pandemic control with production contributed significantly to Vietnam's impressive economic growth in the first 6 months of 2021. Data released by the General Statistics Office on June 29 showed that H1 GDP grew by 5.64%, significantly higher than the 1.82% rate recorded in H1 2020.
Although lower than the 7.05% and 6.77% growth rates of H1 2018 and 2019, this indicator surprised many amid the severe pandemic context. "Maintaining a 5.64% economic growth rate represents a fairly strong performance compared to regional and global economies," the General Statistics Office evaluated.
Behind the Published GDP Figures
Shortly thereafter, economist Huynh The Du noted on his personal page that this figure accurately reflects Vietnam's economic realities because core economic activities did not differ drastically from pre-pandemic periods.
Unlike many, Mr. Du held highly optimistic views regarding Vietnam's economy amidst the pandemic, though his perspective invited differing opinions. At the General Statistics Office press conference on June 29, journalists pressed questions on whether the statistics were "abnormal."
Combining Production and Pandemic Prevention is the Top Priority.
In response, General Statistics Office representatives presented sectoral growth figures to affirm that GDP growth accurately reflects economic performance. For instance, machinery and equipment manufacturing grew by 7.2%; motor vehicle production surged by 33%, with under-7-seater passenger vehicles rising by 37% (Toyota Vietnam output grew by over 30%), and VinFast surging by 73.6%.
"This stems from businesses proactively adapting to COVID-19 to sustain operations," the representative noted.
Another metric addressing whether GDP growth is reasonable is state budget revenue—a tangible figure resistant to manipulation. In H1, budget collections reached 57.7% of the annual estimate, approximately VND 775 trillion.
Without actual economic growth, budget revenues could not reach such levels.
However, behind those GDP growth and budget revenue figures lies another facet of the 6-month economic picture: Over 70,000 businesses temporarily suspended operations or dissolved, while millions of workers faced income disruptions and severe hardships.
This highlights an important issue regarding the quality of Vietnam's GDP growth. GDP represents a total output metric, distinct from Gross National Income (GNI). While GNI reflects actual national income retained, GDP growth can sometimes detach from citizens' living standards, partly because Vietnam's GDP growth relies heavily on FDI enterprises whose profits flow abroad, leaving local labor with modest added value.
According to the 2020 Household Living Standard Survey released in May 2021, monthly per capita income in 2020 reached roughly VND 4.23 million. Even Binh Duong—the highest-income province—averaged just over VND 7 million/month, barely covering daily living expenses without savings. When pandemic disruptions hit, millions faced immediate survival challenges.
COVID-19 exposed these vulnerabilities clearly. Thus, to make GDP numbers more meaningful and raise citizens' real incomes, the quality of growth must be prioritized. The immediate priority remains controlling the pandemic effectively.
Following that, robust support policies must assist domestic enterprises in overcoming hurdles and building stronger national brands that generate higher added value.
Only with a stronger economy can the State secure sufficient resources to safeguard vulnerable groups against extraordinary shocks like the COVID-19 pandemic.