Vietnam’s GDP grows 5.43 pct in Q.1

Vietnam’s gross domestic product (GDP) in the first quarter of this year is estimated to rise by 5.43 percent over the same period last year, according to the Ministry of Planning and Investment.

Workers make LCD televisions at Tan Binh Electronic Joint Stock Company in Ho Chi Minh City (Photo: SGGP)

The agriculture, forestry and aquaculture sector grew by 2.05 percent, the industry and construction sector was up by 5.47 percent, and the service sector rose by 6.28 percent.

The overall goods retail and consumption service sales reached VND451.5 trillion, a year-on-year increase of 22.6 percent.

The ministry said that though some industries posted great growth, production and business activities will face many difficulties and challenges ahead due to high inflation.

The country posted export revenues of US$19.2 billion, a year-on-year increase of 33.7 percent and spent US$22.3 billion to import goods, a year-on-year rise of 22.7 percent, suffering a US$3.1billion trade deficit in the period.

According to the General Statistics Office, disbursement of foreign direct investment (FDI) reached US$2.54 billion in the first quarter, equivalent to 22.1 percent of the year’s target of US$11.5 billion.

In March alone, disbursement of FDI hit US$1.39 billion, while the figure was US$420 million in January and 730 million in February.

However, newly registered capital and additional capital for existing projects amounted to US$2.37 billion, equal to 67 percent in the same period last year.

By A. Thu – Translated by Hoang Thi

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