Q1 sees GDP increase by 5.03%

Statistics indicate that the industry and construction sectors contributed 51.08% to the overall growth, while the service sector made up 43.16%.

The first quarter of the year saw the industrial production index remain a bright spot, expanding by 7.07% over the same period from last year.

Throughout the reviewed period, the country had roughly 34,600 newly-established enterprises with a total registered capital of VND471,200 billion, thereby representing a year-on-year increase of 5.2%.

The number of firms returning to operation soared by 60,200 enterprises, representing a rise of 36.7% on-year.

According to a recent survey conducted by GSO, 50% of enterprises are optimistic about the production situation moving into the second quarter of the year.

Approximately 32.3% of respondents predict that production and business activities will remain stable, while 17.7% of enterprises forecast increasing difficulties ahead.

Total retail sales of consumer goods and services stood at an estimated VND1,318 trillion, up 4.4% compared to the same period last year.

These figures indicate that consumer purchasing power continues to show recovery momentum.

After a period of being ‘frozen” due to the impact of the COVID-19 pandemic, international tourism has shown initial signs of making a strong recovery.

The country received roughly 91,000 foreign arrivals throughout the reviewed period, a rise of 89.1% over the same period from last year.

In the first quarter of the year the total import and export turnover reached US$176.35 billion, representing an increase of 14.4% over the same period from last year, with exports and imports edged up 12.9% and 15.9%, respectively.

The United States made up the country’s largest export market with an estimated turnover of US$25.2 billion while China remained the largest importer of Vietnamese goods with an estimated turnover of US$27.6 billion.