Vietnam posts 3.32% GDP growth in Q1

Hanoi (VNA) – Vietnam’s gross domestic product (GDP) has grown about 3.32% year on year in the first quarter of 2023, according to 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.

In particular, the agro-forestry-fishery sector expanded 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted 0.4%, leading to a 4.76% decline in the growth, and the service sector increased 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 fisheries 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 2011 - 2023.

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./.