HANOI: Vietnam’s economy grew 5.66 percent in the first quarter (Q1) compared to the same period last year, the highest for the first quarter since 2020, Vietnam News Agency (VNA) quoted the General Statistics Office (GSO) as saying on Friday.

According to the GSO, the agro-forestry-fishery, industry-construction, service sectors expanded by 2.98 percent, 6.28 percent, 6.12 percent, contributing 6.09 percent, 41.68 percent, and 52.23 percent respectively to the total Q1 GDP growth.

In her remarks, GSO Director-General Nguyen Thi Huong lauded the positive gain amidst global economic instabilities, which reflects the effectiveness of management policies of the Government, ministries, sectors, and localities.

She also noted bustling trade activities, a strong tourism recovery, and high increases in export turnovers of key products.

Regarding the structure of the economy in the quarter, the agro-forestry-fishery made up 11.77 percent, industry-construction 35.73 percent, and service 43.48 percent.

On the uti
lisation of GDP, final consumption and asset accumulation increased by 4.93 percent and 4.69 percent year-on-year, contributing 56.77 percent and 24.07 percent respectively to the overall growth rate. The export of goods and services grew by 18 percent, while imports rose by 17.08 percent, resulting in a trade surplus contribution of 19.16 percent.

Source: Emirates News Agency