Vietnam’s first-quarter economic growth reaches 4.5 percent

Wpid Money Growth
Economic growth

dpa/GNA – Vietnam’s gross domestic product (GDP) grew by 4.48 per cent in the first quarter of 2021 compared with the same period last year according to a government report released on Monday.

Vietnam’s industrial sector grew sharply, rising by 6.3 per cent compared with the same period last year, while the service sector increased by 3.34 per cent, Vietnam’s General Statistics Office (GSO) said in the report.

Registered foreign direct investment in Vietnam over the first quarter of 2021 grew to 18.5 per cent, hitting a total value of just over 10 billion dollars.

The first quarter of 2021 also saw a strong recovery of import and export activities. The total import-export turnover reached 152.7 billion dollars, up 24 per cent compared to the first quarter of 2021.

Vietnam faced a resurgence of Covid-19 between January and March, which negatively affected the socio-economic situation across the nation, the report said.

Economists said successfully containing Covid-19 is crucial if Vietnam is to boost its economy.

The Vietnamese government has set a target of 6 per cent GDP growth this year, with a per capita income of 3,700 dollars.

The International Monetary Fund (IMF) predicts a growth rate of 6.8 per cent for Vietnam in 2021.

Vietnam’s economy is benefiting from a raft of trade deals signed in recent years, including the EU-Vietnam Free Trade Agreement (EVFTA) and the UKVFTA approved with Britain in December last year.

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