Vietnam’s gross home product development held regular within the first quarter, undershooting expectations for an financial system that has been one of many world’s most resilient in the course of the pandemic.
GDP rose four.48% from a yr earlier, the Common Statistics Workplace stated Monday, the identical tempo because the final quarter of 2020. Economists surveyed by Bloomberg have been anticipating development of 5.7%.
A contemporary outbreak of Covid-19 in some elements of the nation prompted difficulties for the financial system within the first quarter, Nguyen Thi Huong, head of the statistics workplace, instructed reporters in Hanoi. Nonetheless, Nguyen described the expansion as an enchancment on the primary quarter of final yr, when she stated GDP grew three.68%.
Vietnam’s was one of many few economies on this planet that didn’t contract final yr amid the pandemic. Earlier this month Moody’s Buyers Service raised its outlook for Vietnam to constructive from detrimental whereas affirming its Ba3 score, saying the nation stood to profit from world shifts in manufacturing, commerce and consumption after the pandemic.
In response to the transfer, the Finance Ministry pledged to “proceed to pursue insurance policies that guarantee macro-economic stability and enhance financial competitiveness.” Parliament has set an official goal of 6% development this yr, however the authorities hopes to push it as excessive as 6.5%.
Different particulars from the report:
- Exports rose 19.2% in March in comparison with a yr earlier, whereas imports climbed 27.7%. The nation ran a $400 million commerce surplus for the month, under expectations of $1 billion
- Client costs rose 1.16% on-year in March
- For the January-to-March interval, exports elevated 22% from the earlier yr, and imports gained 26.three%
- Manufacturing was the primary driver of first-quarter development, up 9.45% from a yr earlier
- Disbursed international direct funding within the first quarter was up 6.5% year-on-year. Pledged FDI rose 18.5%
- Financial institution lending rose 1.47% from the tip of 2020 by way of March 19, in contrast with zero.68% within the year-earlier interval
— With help by Nguyen Kieu Giang
(Provides remark from official in third paragraph, extra information in bullet factors)