Vietnam posts 3.32% GDP growth in Q1

Wednesday 1444/9/7 - 2023/03/29
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Hanoi, March 29, 2023, SPA -- Vietnam’s gross domestic product (GDP) has grown about 3.32% year on year in the first quarter of 2023, Vietnam News Agency (VNA) reported, quoting data from the General Statistics Office (GSO).
The expansion is only higher than the 3.21% recorded in Q1 of 2020 during the 2011-2023 period, the GSO told a press conference on March 29.
The agro-forestry-fishery sector expanded by 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted by 0.4%, leading to a 4.76% decline in growth, and the service sector increased by 6.79% to contribute to 95.91% of the overall expansion.
In the agro-forestry-fishery sector, agriculture saw a year-on-year increase of 2.43% in added value, forestry 3.66%, and fishery 2.68%.
The added value of construction dropped 0.82% in Q1, the sharpest fall in the first three months of the years since 2011, while that of construction increased 1.95%, only higher than the 0.28% and 1.41% recorded in Q1 of 2011 and 2012 during the 2011-2023 period.
The service sector has clearly shown recovery as a result of consumption stimulation policies, the economic reopening since March 15 last year, and overseas tourism promotion, GSO General Director Nguyen Thi Huong said.
Between January and March, the agro-forestry-fishery sector made up 11.66% of the economy, industry and construction 35.47%, the service sector 43.65%, and taxes on goods (excluding subsidies) 9.22%.
Among the 63 provinces and centrally run cities, 58 posted growth in gross regional domestic product (GRDP) while five saw declines, the GSO noted.
Huong held that amid global economic uncertainties, the positive socio-economic results in Q1 have proved the effectiveness of management and governance policies of the government, ministries, sectors, and localities.
12:19 LOCAL TIME 09:19 GMT