Vietnam's GDP grows 5.66% YoY in Q1 2024

30 Mar '24

1 min read

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Vietnam's economy grew by 5.66 per cent YoY in Q1 2024—the highest for the first quarter since 2020, government data show.
Final consumption and asset accumulation rose by 4.93 per cent and 4.69 per cent YoY respectively in Q1.
Export of goods and services grew by 18 per cent, while imports rose by 17.08 per cent, leading to a trade surplus of 19.16 per cent.

Vietnam's economy grew by 5.66 per cent year on year (YoY) in the first quarter (Q1) this year—the highest for the first quarter since 2020, according to the general statistics office (GSO).

Final consumption and asset accumulation increased by 4.93 per cent and 4.69 per cent YoY, contributing 56.77 per cent and 24.07 per cent to the overall growth rate respectively.

Export of goods and services grew by 18 per cent, while imports rose by 17.08 per cent, resulting in a trade surplus of 19.16 per cent.

GSO general director Nguyen Thi Huong attributed the positive gain amid global economic instabilities to effective government policies and management by ministries, sectors and localities, a domestic news agency reported.

She also noted bustling trade activity and high increases in export turnovers of key products.

Fibre2Fashion News Desk (DS)

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