GDP expands by 6.93 per cent in Q1

GDP expands by 6.93 per cent in Q1

According to the NSO, the agro-forestry-fishery, industry-construction and service sectors expanded by 3.74 per cent, 7.42 per cent and 7.7 per cent, contributing 6.09 per cent, 40.17 per cent and 53.74 per cent to the total GDP expansion during January–March, respectively.

Việt Nam’s gross domestic product (GDP) grew by 6.93 per cent in the first quarter of 2025 compared to the same period last year, according to the National Statistics Office. — VNA/VNA Photo

Việt Nam’s gross domestic product (GDP) grew 6.93 per cent in the first quarter of 2025 compared to the same period last year, the highest Q1 rate since 2020, the National Statistics Office (NSO) reported at a press conference in Hà Nội on Sunday.

NSO Director Nguyễn Thị Hương said this is a positive growth rate, reflecting the high determination, great efforts and decisive and effective actions taken by the entire political system in directing, managing and implementing socio-economic development tasks amid rapid and unexpected changes in the region and the world.

This figure exceeded the target set for Q1 under the Government's Resolution No 01/NQ-CP, but still fell short of expectations under Resolution No 25/NQ-CP, dated February 5 this year, due to rapid global changes and uncertainties that have affected the country's socio-economic situation, she noted.

According to the NSO, the agro-forestry-fishery, industry-construction and service sectors expanded by 3.74 per cent, 7.42 per cent and 7.7 per cent, respectively, contributing 6.09 per cent, 40.17 per cent, and 53.74 per cent to the total GDP expansion during January–March.

In particular, agriculture recorded its added value increasing 3.53 per cent from a year earlier, contributing a 0.32 percentage point to the GDP growth, forestry 6.67 per cent and a 0.03 percentage point, and fisheries 3.98 per cent and a 0.09 percentage point.

In the industry - construction sector, the added value of industry went up 7.32 per cent compared to the same period last year, contributing a 2.39 percentage point to the economic growth in Q1. Processing - manufacturing remained a growth driver of the whole economy as the activities rose 9.28 per cent to contribute 2.33 percentage points to the overall growth. Meanwhile, a 7.99 per cent increase was seen in construction, contributing 0.48 percentage point to the overall growth.

During the first three months, the service sector was fuelled considerably by the high consumption demand during the Lunar New Year holiday and a surge in the number of international arrivals.

In particular, transportation and warehousing grew 9.9 per cent year on year, contributing a 0.67 percentage point to the GDP growth. Accommodation and food services expanded 9.31 per cent to contribute a 0.27 percentage point, wholesale and retail 7.47 per cent and a 0.83 percentage point, while finance - banking - insurance 6.83 per cent and a 0.41 percentage point.

Regarding the economic structure in the reviewed period, the agro-forestry-fishery sector made up 11.56 per cent, industry - construction 36.31 per cent, services 43.44 per cent and product taxes, minus product subsidies, 8.69 per cent, according to the NSO.

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