HCMC – Vietnam’s gross domestic product (GDP) expanded by 6.93% year-on-year in the first quarter of 2025, the highest Q1 growth rate since 2020, the National Statistics Office (NSO) said at a press conference in Hanoi on April 6.
The agro-forestry-fishery sector achieved its growth targets, with agriculture growing by 3.53%, forestry by 6.67%, and fisheries by 3.98%.
The strong performance was attributed to the application of advanced technologies and the sector’s responsiveness to both domestic and export market demands.
The industry and construction sectors continued to show positive momentum, with overall growth of 7.32%.
Manufacturing rose by 9.28%, serving as the main driver; electricity production and distribution increased by 4.60%; water supply and waste treatment grew by 8.81%; mining declined by 5.76%; and construction expanded by 7.99%.
In the early months of the year, the services sector recorded strong growth, driven by increased consumer demand during the Lunar New Year holiday and a surge in international tourist arrivals.
Key contributors to overall growth included transportation and warehousing, accommodation and food services, wholesale and retail trade, finance, banking and insurance, and information and communications.
During the three-month period, total retail sales of goods and consumer service revenues at current prices were estimated at VND1.7 quadrillion, up 9.9% year-on-year.
The economic structure comprised 11.56% from agriculture, forestry, and fisheries; 36.31% from industry and construction; 43.44% from services; and 8.69% from product taxes less subsidies on products.
