Prime Minister Pham Minh Chinh presides over Cabinet meeting, Ha Noi, Monday, July 4, 2022. Photo: VGP

Addressing the Cabinet meeting the same day, the Government chief tasked the Ministry of Planning and Investment to coordinate with relevant agencies to draft a plan to ensure macroeconomic stability, in which growth scenarios will be updated on a regular basis.

The Cabinet agreed to revise up economic growth forecast to 7 percent this year from its previous projection of 6-6.5 percent.

Viet Nam's GDP accelerated to 7.72 percent growth in the second quarter from 5.03 percent in the previous quarter, reported the General Statistics Office (GSO).

This is the fastest growth pace in the second quarter from 2011-2021, according to the GSO.

With this growth rate, the Southeast Asian country's GDP expanded 6.42 percent in the first six months this year compared to 2.04 percent and 5.74 percent of the same period in 2020 and 2021, respectively.

Industry and construction jumped by 7.70 percent on year, contributing 48.33 percent to the GDP growth while the service and agriculture-forestry-aquaculture respectively contributed 46.60 percent and 5.07 percent.