Vietnam's economy expanded 5.83 percent in the first quarter ending this March, which is largely thanks to the growth in service and industrial sectors, the Ministry of Planning and Investment said on March 26.
Industrial output in the first three months rose by 13.6 percent from a year earlier while the retail and service sector rose by 24.1 percent.
Economists, however, sounded an alarm on the trade balance, saying the country’s trade deficit jumped to 3.5 billion USD in the first three months of the year due to a pick up in imports against dwindling exports.
In the first quarter, imports jumped 37.6 percent year-on-year to 17.5 billion USD, while exports fell 1.6 percent to 14 billion USD.
Despite the downward trend in exports, the export turnover of foreign-invested companies (in all areas except crude oil) grew robustly during the period.
Foreign firms contributed 6.7 billion USD, which is nearly half of the country’s total exports.
The ministry also revealed that the budget deficit so far this year has reached 11.1 trillion VND (roughly 577 million USD)./.
Industrial output in the first three months rose by 13.6 percent from a year earlier while the retail and service sector rose by 24.1 percent.
Economists, however, sounded an alarm on the trade balance, saying the country’s trade deficit jumped to 3.5 billion USD in the first three months of the year due to a pick up in imports against dwindling exports.
In the first quarter, imports jumped 37.6 percent year-on-year to 17.5 billion USD, while exports fell 1.6 percent to 14 billion USD.
Despite the downward trend in exports, the export turnover of foreign-invested companies (in all areas except crude oil) grew robustly during the period.
Foreign firms contributed 6.7 billion USD, which is nearly half of the country’s total exports.
The ministry also revealed that the budget deficit so far this year has reached 11.1 trillion VND (roughly 577 million USD)./.
