GDP up by 5.03 percent in Q1

By Quang Tue March 28, 2022 | 11:53 pm PT

A worker seen at steelmaker Hoa Sen's factory. Photo by VnExpress/Phuong Dong

Vietnam's GDP rose by 5.03 percent Q1, compared to 4.72 percent in the same period last year, according to the General Statistics Office on Tuesday.

Industry-construction grew by 6.38 percent, accounting for 51.08 percent of GDP.

Services accounted for another 43.16 percent on 4.58 percent growth, while agriculture, forestry and fishery accounted for 5.76 percent on 2.45 percent growth.

The number of newly registered companies and those reopening their business in Q1 totaled 60,200, up 36.7 percent year-on-year.

Exports rallied by nearly 13 percent to $88.6 billion, while imports climbed 15.9 percent to $87.8 billion

The consumer price index rose by 1.92 percent year-on-year on surging house rental and oil prices.

For this year, the National Assembly set a growth target of 6-6.5 percent, higher than that of the World Bank’s forecast of 5.5 percent but lower than Fitch Ratings’ 7.9 percent.

Vietnam’s GDP growth last year was 2.58 percent.