Q1 GDP grows 4.48 pct despite new Covid-19 outbreak
Q1 GDP grows 4.48 pct despite new Covid-19 outbreak
Vietnam's GDP grew 4.48 percent in the first quarter, higher than 3.68 percent in the same period last year, despite a new Covid-19 outbreak linked to new strains.
Women work at Hung Viet garment export factory in Hung Yen province, Vietnam, December 30, 2020. Photo by Reuters/Kham.
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The General Statistics Office (GSO) said "this was relatively decent growth in comparison with other regional and global economies."
The industry and construction sector grew 6.3 percent year-on-year in January-March period. The corresponding figures for the agriculture and service sectors were 3.16 percent and 3.34 percent, respectively.
The main growth driver of the economy in the first quarter was the processing and manufacturing industry, which grew 9.45 percent while the construction industry grew 5.17 percent.
Vietnam's import-export turnover reached an estimated $152 billion in the first quarter, up 24 percent against the same period last year.
Export value in the first three months increased to $77.34 billion, and that of imports to $75.31 billion, resulting in a trade surplus of $2.03 billion.
"Achieving the 6.5 percent growth target (for 2021) would be a big challenge," the GSO said.
It recommended that the government contain the Covid-19 pandemic well and try to avoid new outbreaks, while rapidly deploying its mass vaccination program. The government should also help businesses access financial support packages, and speed up the disbursement of public investment capital, the GSO said.
The country tackled the new outbreak detected on January 28. The outbreak hit 13 localities, including major cities like Hanoi, HCMC and Hai Phong. A number of patients were infected with the fast spreading U.K. and South African variants.
Vietnam's GDP grew 2.91 percent last year, the lowest in a decade, but it remained one of the fastest-growing economies in the world.
