AsemconnectVietnam - According to the National Statistics Office (NSO), Vietnam’s gross domestic product (GDP) grew 6.93% in the first quarter of 2025 compared to the same period last year, the highest Q1 rate since 2020.

The following are main economic indexes of Vietnam in the first quarter of 2025:
GDP growth rate
Vietnam’s gross domestic product (GDP) grew 6.93% in the first quarter of 2025 compared to the same period last year, the highest Q1 rate since 2020, according to NSO.
The agro-forestry-fishery, industry-construction, and service sectors expanded by 3.74%, 7.42% and 7.7%, contributing 6.09%, 40.17%, and 53.74% to the total GDP expansion during January–March, respectively.
According to the NSO, the agro-forestry-fishery, industry-construction, and service sectors expanded by 3.74%, 7.42% and 7.7%, contributing 6.09%, 40.17%, and 53.74% to the total GDP expansion during January–March, respectively.
In particular, agriculture recorded its added value increasing 3.53% from a year earlier to contribute 0.32 percentage point to the GDP growth, forestry 6.67% and 0.03 percentage point, and fisheries 3.98% and 0.09 percentage point.
In the industry - construction sector, the added value of industry went up 7.32% compared to the same period last year to contribute 2.39 percentage point to the economic growth in Q1. Processing - manufacturing remained a growth driver of the whole economy as the activities rose 9.28% to contribute 2.33 percentage points to the overall growth. Meanwhile, a 7.99% increase was seen in construction, contributing 0.48 percentage point to the overall growth.
During the three months, the service sector was fuelled considerably by the high consumption demand during the Lunar New Year holiday and a surge in the number of international arrivals.
In particular, transportation and warehousing grew 9.9% year on year, contributing 0.67 percentage point to the GDP growth. Accommodation and food services expanded 9.31% to contribute 0.27 percentage point, wholesale and retail 7.47% and 0.83 percentage point, while finance - banking - insurance 6.83% and 0.41 percentage point.
Regarding the economic structure in the reviewed period, the agro-forestry-fishery sector made up 11.56%, industry - construction 36.31%, services 43.44%, and product taxes minus product subsidies 8.69%, according to the NSO.
CPI and inflation:
Vietnam’s consumer price index (CPI) climbed 3.22% year-on-year while core inflation rose by 3.01% in the first quarter of 2025, according to the National Statistics Office (NSO)
Several factors contributed to the CPI increase in Q1, such as the food and food service group rising by 3.78%, contributing 1.27 percentage points to the overall CPI growth. Within this category, pork prices increased by 12.49% due to supply shortages amid high demand during holidays, adding 0.42 percentage point to the overall CPI increase. Rice prices went up 0.97%, contributing 0.02 percentage point, while fresh poultry prices climbed 1.06%.
Housing, electricity, water, fuel, and construction materials hiked 5.11% due to higher prices of cement, steel, sand, and rental housing, contributing 0.96 percentage point to the CPI expansion. Household electricity prices increased by 5.11% due to higher demand and the Vietnam Electricity's adjustment of average retail electricity prices from October 11, 2024, adding 0.17 percentage point to the overall CPI.
Pharmaceutical products and medical services jumped by 14.4%, contributing 0.78 percentage point to the CPI growth.
These increases were partially offset by a 2.4% decrease in transport costs as fuel prices dropped 9.73% and railway passenger transport services down 6.06% in Q1. Besides, the education group decreased by 0.61%, lowering the overall CPI by 0.04 percentage point, as several provinces and centrally-run cities exempted or reduced tuition fees for the 2024-2025 academic year. The postal and telecommunications group fell by 0.59%, reducing the CPI by 0.02 percentage point.
The NSO said core inflation, 3.01%, was lower than the average CPI increase primarily because food prices, electricity, and medical services – major contributors to CPI growth – are excluded when calculating core inflation.
In March alone, the CPI dropped slightly, by 0.03% from the previous month. However, it still rose 1.3% from December 2024 and 3.13% from the same period last year.
The Government has implemented numerous measures to keep market prices stable and inflation under control.
Total retail sales of goods and services
In March, total retail sales of goods and consumer service revenue rose 10.8% compared to the same period last year, driven by the increasing demand for national holidays, and the growing number of foreign visitors to Vietnam.
Total retail sales of goods and consumer service revenue in the first quarter of 2025 were estimated at 1.7 quadrillion VND (65.5 billion USD), up 9.9% year-on-year, according to the National Statistics Office (NSO).
Of the figure, retail sales of goods reached 1.3 trillion VND, accounting for 76.8% of the total, and up 8.8% from the same period last year. Revenue from accommodation and food services rose by 14% year-on-year to 200.1 trillion VND, while that from tourism and travel services increased by 18.3% to 21.5 trillion VND, making up 11.7% and 1.3% of the total, respectively.
Meanwhile, revenue from other services was estimated at 175 trillion VND, up 12.5% year-on-year, marking 10.2% of the total.
In March alone, total retail sales of goods and consumer service revenue surged by 10.8% compared to the same period last year, driven by the increasing demand for national holidays, and the growing number of foreign visitors to Vietnam, the NSO reported. In the month, the retail sales of cultural and educational goods rose by 9.9%; food and foodstuffs by 9.6%; household appliances and tools by 8.1%; and garments by 5.7%.
Revenue from accommodation and catering, and travel and tourism services surged by 16.4%, and 25.1%, respectively.
Imports, exports and trade surplus
In March alone, the total trade revenue reached 75.39 billion USD, up 18.2% compared to the previous month, and 16.6% year-on-year.
Vietnam’s total import-export turnover hit 202.52 billion USD in the first three months of 2025, marking a 13.7% increase compared to the same period last year, the National Statistics Office (NSO) reported.
The country's export earnings grew by 10.6%, while its import turnover rose by 17%, resulting in a trade surplus of 3.16 billion USD in the period.
In March alone, the total trade revenue reached 75.39 billion USD, up 18.2% compared to the previous month, and 16.6% year-on-year.
The export value in the month stood at 38.51 billion USD, up 23.8% month-on-month. The domestic economic sector posted an impressive growth rate of 32.1% to 11.08 billion USD, while the foreign-invested sector, including crude oil, increased by 20.7% to 27.43 billion USD.
For the first quarter, Vietnam's export turnover reached 102.84 billion USD, a 10.6% year-on-year rise. The domestic sector contributed 29.02 billion USD (up 15%), accounting for 28.2% of total exports, while the foreign-invested sector, including crude oil, earned 73.82 billion USD (up 9%), making up 71.8% of total exports.
During this period, 18 export items surpassed the 1 billion USD mark, accounting for 84.5% of total export value. Five of these items exceeded 5 billion USD, or 59.9%.
On the import side, Vietnam spent 99.68 billion on imports in the Jan – March period, up 17% year-on-year. The domestic sector imported 36.78 billion USD worth of goods (up 19.3%), while the foreign-invested sector’s import value stood at 62.9 billion USD (up 15.8%).
Seventeen imported items exceeded 1 billion USD in value, comprising 77.2% of total imports, with two of those surpassed the 5 billion USD mark, accounting for 44.4%.
The US remained Vietnam’s largest export market, with turnover reaching 31.4 billion USD. Meanwhile, China continued to be the country’s biggest import source, with imports valued at 38.1 billion USD.
In the first quarter, Vietnam ran a trade surplus of 27.3 billion USD with the US, a 22.1% increase year-on-year, while its surplus with the EU expanded by 15.7% to 9.9 billion USD. Notably, the country’s trade surplus with Japan surged to 0.6 billion USD, over 5 times higher than the same period in 2024.
The first quarter ended with impressive growth figures in the import-export sector. However, with potential challenges ahead, the Government, ministries, and the business community need to have proactive and flexible approach and take timely solutions to maintain this growth momentum in the coming period, said insiders./.
FDI inflow
This growth is driven by several factors, including a sharp increase in additional investment to existing projects, capital contribution, and share purchases.
The total registered foreign direct investment (FDI) into Vietnam hit nearly 10.98 billion USD in the first quarter of 2025, up 34.7% compared to the same period last year, according to the Foreign Investment Agency (FIA) under the Ministry of Finance.
This growth is driven by several factors, including a sharp increase in additional investment to existing projects, capital contribution, and share purchases.
In the reviewed period, 401 existing projects registered for capital adjustment, with additional funding of nearly 5.16 billion USD, respectively surging 44.8% and almost 5.1 times from the same period last year.
Nearly 1.49 billion USD was spent by foreign investors to contribute capital to and purchase shares of Vietnamese firms, shooting up 83.7% from a year earlier.
In contrast, over 4.33 billion USD was poured into new projects in Q1, down 31.5% year-on-year, due to the absence of large-scaled projects.
However, the FIA said that the situation has improved, with newly registered FDI rising sharply in March, up 66.5% from January and nearly 2.4 times from February. The number of new projects also increased, by 42.7% and 18.4% from January and February, respectively.
According to the agency, the higher overall number of new projects, capital-added cases, capital contributions, and share purchases demonstrates that Vietnam remains a trusted destination for foreign investors to pour capital into both new projects and existing ones.
In January–March, about 4.96 billion USD in FDI was disbursed, up 7.2% against the same period last year.
Foreign investors invested in 18 out of 21 sectors of the national economy. Among these, the processing and manufacturing industry led with total investment exceeding 6.79 billion USD, accounting for approximately 61.9% of the total, up 26% year-on-year. It was followed by real estate, with more than 2.39 billion USD, or 21.8% of the total, up 44.1% year-on-year.
In the reviewed period, Vietnam attracted investments from 73 countries and territories, with Singapore topping the list, pouring over 3 billion USD, equivalent to 27.6% of the total. The Republic of Korea ranked second with nearly 2.04 billion USD, almost 2.7 times higher than the same period last year.
The northern province of Bac Ninh led the nation in terms of FDI attraction, with nearly 1.9 billion USD, or 17.3% of the total, up 2.1 times. It was followed by Ho Chi Minh City with 1.43 billion USD, making up nearly 13% and surging by 58.3% year-on-year. Hanoi was in the third place with 1.42 billion USD, representing 12.9% of the total and rising 23.6%, statistics showed.
CK
Source: VITIC/vietnam+