Vietnam’s Economy Flourishes with Impressive Q1 Growth

Vietnam’s economy showcased robust growth in the first quarter of 2024, with a 5.66% increase in gross domestic product (GDP) compared to the previous year. This growth, primarily fueled by the manufacturing and services sectors, marks a significant improvement from the 3.41% expansion witnessed in the same quarter of the previous year, albeit a slight deceleration from the 6.72% growth rate in the final quarter of 2023.

The manufacturing and construction sector experienced a 6.28% growth, while the services sector saw a 6.12% increase, as reported by the General Statistics Office (GSO) of Vietnam. Additionally, the country enjoyed a 17% surge in goods exports and a 21.7% rise in industrial production during the quarter.

The economic upswing was also reflected in consumer activity, with a 3.97% year-on-year increase in consumer prices in March and an 8.2% rise in retail sales throughout the first quarter. These figures underscore Vietnam’s dynamic economic performance, driven by strong manufacturing and export activities, and signal a promising outlook for the country’s economic trajectory in the upcoming months.