Vietnam's economy grew 5.66% in the first quarter compared to the same period last year, the highest for the first quarter since 2020, the General Statistics Office (GSO) announced at a press conference in Hanoi on March 29.
Vietnam's economy grew 5.66% in the first quarter compared to the same period last year (Photo: VNA)
Hanoi (VNA) – Vietnam's economy grew 5.66% in the first quarter compared to the same period last year, the highest for the first quarter since 2020, the General Statistics Office (GSO) announced at a press conference in Hanoi on March 29.
According to the GSO, the agro-forestry-fishery, industry-construction, service sectors expanded by 2.98%, 6.28%, 6.12%, contributing 6.09%, 41.68%, and 52.23% to the total Q1 GDP growth, respectively.
In her remarks, GSO General Director Nguyen Thi Huong lauded the positive gain amidst global economic instabilities, which reflects the effectiveness of management policies of the Government, ministries, sectors, and localities.
She also noted bustling trade activities, a strong tourism recovery, and high increases in export turnovers of key products.
Regarding the structure of the economy in the quarter, the agro-forestry-fishery made up 11.77%, industry-construction 35.73%, and service 43.48%.
On the utilisation of GDP, final consumption and asset accumulation increased by 4.93% and 4.69% year-on-year, contributing 56.77% and 24.07% to the overall growth rate, respectively. The export of goods and services grew by 18%, while imports rose by 17.08%, resulting in a trade surplus contribution of 19.16%./.
The Asian Development Bank (ADB), Bloomberg, and HSBC have all forecast that Vietnam’s GDP growth could reach 6 percent in 2024. Standard Chartered Bank, meanwhile, has forecast 6.7 percent, surpassing Vietnam’s own growth target of 6-6.5 percent.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Vietnam's economy grew 5.66% in the first quarter compared to the same period last year (Photo: VNA) 
