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Vietnam’s GDP growth reached 5.66% in first quarter of 2024 

 Monday, April 1,2024

AsemconnectVietnam - According to the General Statistics Office (GSO), Vietnam's economy in the first quarter of this year increased by 5.66% compared to the same period last year, the highest for the first quarter since 2020.

In the first quarter of this year, the agro-forestry-fishery, industry-construction, service sectors expanded by 2.98%, 6.28%, 6.12%, contributing 6.09%, 41.68%, and 52.23% to the total GDP growth in the first quarter of this year, respectively, said GSO. GSO General Director 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%, industry-construction 35.73%, and service 43.48%.
On the utilisation of GDP, final consumption and asset accumulation increased by 4.93% and 4.69% year-on-year, contributing 56.77% and 24.07% to the overall growth rate, respectively. The export of goods and services grew by 18%, while imports rose by 17.08%, resulting in a trade surplus contribution of 19.16%.
Hanoi’s economic growth reached 5.5% in the first quarter of 2024
Hanoi’s economy continued its growth momentum in the first quarter of 2024, thanks to its activeness and flexibility in implementing socio-economic development measures, according to the municipal People’s Committee.
The committee said that the capital city’s gross regional domestic product (GRDP) increased by 5.5% in the first quarter, in which services expanded by 5.84%, industry and construction by 4.77% and agro-fishery-forestry by 3.76%, and product tax by 4.94%.
Budget collection reached 146.8 trillion VND (5.87 billion USD) in the first quarter of this year, equal to 36% of the yearly estimates, and up by 3.9% over the same period last year.
The local budget expenditure is 31.59 trillion VND, or 14.7% of the estimates, of which 9.5 trillion VND is for development investment.
In the first quarter of this year, the capital’s export turnover was estimated at 3.9 billion USD, up by 3.7% year-on-year, while its import revenue was estimated at 8.6 billion USD, up by 1% year-on-year.
The industrial production index in the first quarter is estimated to expand 3.6% against the same period of 2023, while total retail sales of consumer goods and services are estimated at 199.6 trillion VND, up by 9.3%.
According to Truong Viet Dung, Chief of the Office of the Hanoi People's Committee Office, said that the city will continue to promote growth associated with controlling inflation and ensuring major balances of the economy.
Attention will be paid to effectively and promptly implementing the government’s policies on interest rates and credit to support businesses and people, and speeding up disbursement of public investment right from the beginning of the year, especially for key projects, and national target programmes, he added.
HCMC’s economic growth reached 6.54% in the first quarter of 2024
HCMC’s economy expanded by 6.54% in the first quarter of this year, above the 5.5% estimate, said a HCMC Statistics Office report.
According to Mr. Nguyen Van Nen, member of the Politburo and secretary of the HCMC Party Committee, said key industries had shown signs of recovery, including tourism and real estate.
“Confidence in the business community has improved,” he told the conference, which looked into the city’s socio-economic performance in January-March, personnel work, and preparations for the forthcoming 12th congress of the HCMC Party Committee.
Despite global uncertainties, the Party Committee of HCMC set an economic growth target of 7.5% to 8% this year, he said.
However, he pointed out a couple of issues that need to be solved, such as weak capital absorption capacity, lower-than-expected capital disbursements and slow administrative reform.
The city’s gross regional domestic product (GRDP) growth rate in the first quarter grew by 6.54%, ranking second among the five centrally-governed cities, surpassing Hanoi, Danang and Can Tho.
Nguyen Khac Hoang, director of the Statistics Office of HCMC said the higher-than-expected growth rate in the first quarter would give much-needed impetus to economic development in the rest of the year.
Source: VITIC/


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