Vietnamese PM says first-quarter growth of 7.41 pct likely

Vietnam’s economy is likely to grow by 7.41 percent in the first quarter of this year, led by robust exports and tourism, said Prime Minister Nguyen Xuan Phuc in a statement posted on the government website on Monday.

The tourism sector in the January-March period likely grew by 60 percent while total trade will be up by 40 percent from a year earlier, Phuc said during an official visit to New Zealand, it added.

If achieved, the figure would be the highest first quarter growth in years, well above the expansion of 5.15 percent recorded in the first quarter of last year.

Vietnam’s growth is often lower in the first quarter than the rest of the year, due to a week-long holiday for the Lunar New Year, which often falls in February.

Phuc also said Vietnam is likely to post a trade surplus of nearly $2 billion in the three-month period, according to the statement.

Vietnam’s economic growth is forecast to expand by 6.83 percent this year from 6.81 percent last year, the investment ministry said on Wednesday, citing its socio-economic forecasting and information agency.

The government’s General Statistics Office is scheduled to release official GDP data on March 29.

After visiting New Zealand, Phuc will pay an official visit to Australia later this week to attend the ASEAN-Australia Summit in Sydney.