29-3-2024 (HANOI) Vietnam’s economic engine continues to rev up as government data released on Friday revealed a robust growth of 5.66% in gross domestic product (GDP) compared to the same period last year. The surge, driven primarily by the manufacturing and services sectors, marks a significant acceleration from the previous year.
In the first quarter of the year, Vietnam’s manufacturing and exports-led economy exhibited resilient growth, outpacing last year’s expansion of 3.41%. However, it fell short of the impressive 6.72% growth witnessed in the fourth quarter.
According to the General Statistics Office (GSO), the manufacturing and construction sector spearheaded the surge, boasting a remarkable growth rate of 6.28%. Meanwhile, the services sector also contributed significantly, expanding by 6.12% compared to the previous year.
The GSO report further highlighted the impressive performance of Vietnam’s exports, which soared by 17% in the first quarter compared to the same period last year. Industrial production echoed this upward trend, registering a notable increase of 21.7%.
Despite the economic boom, consumer prices experienced a moderate rise, with March figures showing a 3.97% increase compared to the previous year. Concurrently, retail sales demonstrated steady growth, rising by 8.2% in the January-March period.
Vietnam’s economic resilience amid global uncertainties underscores its status as a key player in the region, with manufacturing and services driving growth even amidst challenging times.
