Vietnam’s economy slows first quarter of 2012

Although Vietnam’s economy in the first quarter of 2012 has grown, the pace is slower than the same period in previous years, said the Ministry of Planning and Investment on March 28.

Vietnam's economic growth in the first quarter of 2012 slowed to a three-year low as domestic demand weakened and local industries grappled with high inventories.

The country’s Gross Domestic Product in the first quarter of the year grew to 4 per cent from a year ago, the lowest rate since January-March 2009, said the ministry.

Exports in the first three months of 2012 rose 23.6 per cent to US$24.5 billion while imports rose 6.9 per cent to $24.8 billion.

Industrial production in the first quarter slowed to 4.1 per cent from a year ago, from 9.3 per cent in the same period in 2011.

In 2011 the industrial sector contributed about a third to Vietnam's Gross Domestic Product value.

Inflation in March slowed to 14.15 per cent, from 16.44 per cent in February, and the Consumer Price Index for this month only rose   0.16 per cent from February, the lowest in 20 months, according to government statistics.

By B.Minh – Translated by T.Huong

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