Home Economy

Vietnam posts modest GDP growth in Q1

Mar 27th at 13:20
27-03-2013 13:20:24+07:00

Vietnam posts modest GDP growth in Q1

It is estimated that Vietnam’s Gross Domestic Product (GDP) rose 4.89 percent in the first quarter of this year compared to the same period in 2012, the Ministry of Planning and Investment announced Tuesday.

The rate is slightly higher than the 4.75 percent rise recorded in Q1/2012.

The growth is mostly contributed to the expansion of the service sector, which went up 5.65 percent in Q1 and accounted for 2.6 percentage points of the total growth.

The agro-forestry and fishery sectors rose 2.24 percent against the same period last year, the lowest increase over the last few years due to the difficulties in the seafood and husbandry sectors.

Meanwhile, the industrial and construction sectors increased by 4.95 percent, and 4.79 percent, respectively.

The index of industrial production (IIP) jumped 4.9 percent in the first three months of the year. It rose 3.19 percent month-on-month in March, and 5.6 percent compared to the same period last year.

The unsold inventory index also grew 16.5 percent compared to the same period last year.

The economy is thus expected to face challenges in the second quarter without firm and timely resolutions from the government, the planning ministry said.

tuoitrenews

MOST READ

NEWS SAME CATEGORY

TPG scopes out "emergent" Vietnam companies to invest
ECONOMY Mar 25th at 16:38

TPG scopes out "emergent" Vietnam companies to invest

TPG Capital, the private-equity firm run by David Bonderman and James Coulter, is seeking its first Vietnam investment in almost four years as the country’s growing...

Trade deficit returns on lift in domestic import demand
ECONOMY Mar 25th at 13:17

Trade deficit returns on lift in domestic import demand

Imports exceeded exports in March by US$300 million, marking the return of the trade deficit in Viet Nam after the country experienced a trade surplus in the first...

CPI in March stays on downward trend
ECONOMY Mar 25th at 13:11

CPI in March stays on downward trend

The country's CPI growth rate has maintained its downward tendency in March with a decrease of 0.19 per cent compared with last year, according to the General...

Vietnamese firms eye overseas investment
ECONOMY Mar 23rd at 14:43

Vietnamese firms eye overseas investment

Vietnamese enterprises are increasingly investing overseas, especially in Myanmar, Laos and Cambodia, it has been announced.

Ha Noi to foster production growth
ECONOMY Mar 23rd at 14:41

Ha Noi to foster production growth

Ha Noi is setting up a new group that will include representatives from local business associations in a bid to remove obstacles to business development and foster...

Trade surplus reaches $700m
ECONOMY Mar 22nd at 13:09

Trade surplus reaches $700m

The nation's trade surplus so far this year reached US$700 million by March 15, according to statistics from the General Department of Customs.

WB backs $250 mln credit for VN economic reform
ECONOMY Mar 21st at 21:58

WB backs $250 mln credit for VN economic reform

The World Bank Board of Directors has approved a credit package to help Vietnam with economic management reforms, the WB Vietnam said on Tuesday.

Vietnam, Myanmar seek ways to increase business ties
ECONOMY Mar 21st at 13:21

Vietnam, Myanmar seek ways to increase business ties

Vice President of Myanmar U Nyan Tun met with the Association of Vietnamese investors in Myanmar on March 20, to discuss how to accelerate trade and investment ties...

Trade with Brazil nears $2 billion
ECONOMY Mar 20th at 13:07

Trade with Brazil nears $2 billion

Trade between Viet Nam and Brazil could hit US$2 billion this year, the Viet Nam Trade Office in Sao Paulo has forecast.

Quang Binh attracts more than $95 million
ECONOMY Mar 19th at 13:07

Quang Binh attracts more than $95 million

The central coastal province of Quang Binh received 17 new investment projects worth over VND2 trillion (US$95.24 million).

Read More

MOST READ

Back To Top