Vietnam’s GDP estimated to expand 4.48 percent in Q1

GSO General Director Nguyen Thi Huong speaks at the press conference (Photo: VNA)

Vietnam’s gross domestic product (GDP) in the first quarter of 2021 is estimated to rise 4.48 percent, higher than 3.68 percent recorded in the same period last year, the General Statistics Office (GSO) General Director Nguyen Thi Huong reported at a press conference on March 29.

The GSO leader said that the agro-forestry-fishery sector grew 3.16 percent, contributing 8.34 percent to the overall GDP growth, while industry and construction expanded 6.3 percent, and service sector grew 3.34 percent, contributing 55.96 and 35.7 percent to the total growth, respectively.

Huong attributed the result to the drastic and timely direction of the Government, the Prime Minister and efforts of ministries, sectors, people and businesses to continue implementing the dual targets of preventing the spread of the COVID-19 pandemic and developing the economy at the same time.

She said that in the first quarter of this year, the agro-forestry-fishery sector saw strong growth thanks to high rice and fruit production, controlled African swine flu and expanded markets for wood and forestry products.

Despite a 6.5 percent rise, higher than the figure of 5.1 percent in the first quarter of 2020, the growth of the industry and construction sector was still much lower than that in the first quarter of 2018 and 2019.

Illustrative image (Source: VNA)

Meanwhile, processing and manufacturing continued to be the driving force for the growth of the economy with an expansion of 9.45 percent. The mining sector suffered negative growth of 8.24 percent.

Thanks to the good control of the COVID-19 pandemic and the optimization of free trade agreements, the service sector enjoyed positive signs. The growth of wholesale and retail was 6.45 percent, while that of the finance-banking and insurance sector was 7.35 percent. However, the transportation and warehouse sector and accommodation-catering services still saw decreases of 2.17 percent and 4.49 percent, respectively.

In terms of economic structure, in the first quarter, contributions from the agro-forestry-fishery sector was 11.71 percent, while that of industry-construction was 36.45 percent; services, 42.2 percent; and product taxes less subsidies on production, 9.64 percent.

Exports of goods and services rose 17.01 percent, while imports increased 16.38 percent./.