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Sunday, April 14, 2024

Vietnam’s first-quarter GDP grows 5.66%

The Saigon Times

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HCMC – Vietnam’s gross domestic product (GDP) expanded by 5.66% between January and March this year, higher than the growth rates of the first quarters of 2020-2023, according to data from the General Statistics Office (GSO).

Nguyen Thi Mai Hanh, head of GSO’s National Accounts Department, said: “Although the GDP growth rate of 5.66% is lower than the levels seen during the same period in 2018-2019, it represents a significant achievement. Vietnam’s economy has been feeling the impact of uncertainties in major global economies.”

The industry and construction sector emerged as a key driver of growth during this three-month period with a year-on-year rise of 6.28%, contributing 41.68% to the nation’s economic growth.

The services sector also saw robust growth, with a year-on-year increase of 6.12%, accounting for 52.23% of the economic growth. Meanwhile, the agro-forestry-fishery sector expanded by 2.98%, contributing 6.09% to the economic growth.

In terms of economic structure, the agro-forestry-fishery sector accounted for 11.77%, the industry and construction sector comprised 35.73%, and the services sector made up 43.48%.

Previously, various international organizations, including Standard Chartered and UOB Bank (Singapore), had forecasted that Vietnam’s Q1 economic growth could reach 5.5-6.1%.

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