GDP growth slows in Q1

Industry and construction, one of three main growth pillars of the country, posted an expansion rate of only 0.4% as major industries were hurt by rising input costs and plunging orders, according to the General Statistics Office.

Agriculture, forestry and seafood gained 2.52%, while services surged 6.79%, the latter thanks to policies issued to boost domestic consumption.

Services accounted for 43.65% of GDP, followed by industry and construction, agriculture, forestry and seafood.

The 3.32% GDP growth rate was the second lowest in the first quarter of the last 12 years, and behind 2020 when it expanded by 3.21%.

Total trade declined by 13.3% year-on-year to $154.27 billion for the period, as the global economy was slow to recover and many countries tightened their monetary policies. This had a large impact on Vietnam’s exports.

The country, however, still recorded a trade surplus of $4.07 billion.