Vietnam Q2 GDP growth quickens on strong exports

HANOI, July 5 (Reuters): Vietnam's economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after US President Donald Trump said he would place lower-than-threatened 20% tariffs on many Vietnamese products.

Concerns over the Southeast Asian manufacturing hub's outlook had been growing in the run up to the trade deal announced on Wednesday, particularly as the United States is Vietnam's biggest export market.

Gross domestic product growth in the April-June quarter accelerated to 7.96% year-on-year, from the 6.93% in the first quarter, government data showed on Saturday.

It was just short of Hanoi's full-year growth target of at least 8%.

"Economic performance in the first half of this year was positive and close to our target amid global and regional economic uncertainties," the National Statistics Office said.

Exports were a bright spot in the last quarter, rising 18.0% to $116.93 billion from a year earlier, while imports were up 18.8% at $112.52 billion, translating into a trade surplus of $4.41 billion, the NSO data showed.