GDP growth will accelerate in the last two quarters of the year, Government officials said at a regular meeting with the Ministry of Planning and Investment on March 25.
|Exports by local companies increase in the first quarter, this is a good sign in the context of the recession|
An official from the Ministry of Industry and Trade (MoIT) said exports would continue to stutter in the second quarter before getting better in the next two quarters.
But exports would fall by 7 percent this year, he said.
Minister of Planning and Investment Cao Viet Sinh said higher public spending would boost to GDP growth.
Though foreign direct investment (FDI) has reduced, many foreign projects have registered to expand capital, he said, adding it is a good sign in the context of the recession.
An MoIT official said another very good sign is the increase in exports by local companies.
Exports climbed by 2.4 percent year on year to US$13.5 billion in the first quarter.
Of this nearly $4.5 billion was by foreign companies, a year-on-year contraction of 13 percent.
Officials reported that the services sector continues to grow rapidly, especially in Hanoi and Ho Chi Minh City.
An official from the Ministry of Agriculture and Rural Development said the animal husbandry sector posted a high growth rate.