Quarterly statistics unveiled by Minister and Chairman of the Government’s Office Tran Van Son at a Government press briefing on April 6 show Vietnam’s GDP grew by 6.93% in the first three months of the year, marking the highest increase since 2020 and surpassing the initial growth scenario.

Notably, all three major economic sectors posted solid growth, namely agriculture by 3.74%, industry and construction by 7.42%, and services by 7.70%.

Two national key economic hubs – Ho Chi Minh City and Hanoi - reported strong growth at 7.51% and 7.35% respectively. Nine provinces recording double-digit growth were Bac Giang, Hoa Binh, Nam Dinh, Da Nang, Lai Chau, Hai Phong, Quang Ninh, Hai Duong, and Ha Nam.

Son also revealed macroeconomic stability was maintained, inflation was controlled, and major economic balances were ensured, with the average consumer price index (CPI) rising by 3.22%. Trade revenue surged by 13.7% year on year, with exports up 10.6% and imports up 17%, resulting in a trade surplus of US$3.16 billion.

Based on the results, the Ministry of Finance has developed scenarios for economic growth in the next three quarters projected at 8.3–8.4%, about 0.2% higher than the initial forecast.

One of the key drivers of high growth in the remaining quarters of the year, according to Deputy Minister of Finance Do Thanh Trung, remains the manufacturing sector, which grew by 9.27% in Q1 and is expected to grow over 10% in the following quarters.

“This is a very challenging scenario, but there are reasons to believe it is achievable. Authorities are also placing greater focus on the tourism and service sectors, which contributed over 50% to GDP in the first quarter,” said Trung, adding in Q1 alone, Vietnam welcomed more than 6 million international tourist arrivals.

The Deputy Minister of Finance also shared that foreign investment attraction in Q1 showed many positive signs. In total, newly registered capital, adjusted capital, and capital contributions/share purchases reached nearly US$11 billion, up 23% year on year. Meanwhile, disbursed capital hit US$5.16 billion, a 5.1-fold increase over the same period, mainly in manufacturing and processing.

In addition, the Government is implementing various solutions to address underperforming sectors such as mining, electricity production, and gas supply. The Government and relevant ministries are introducing mechanisms and policies to unlock resources and leverage public investment.

“Vietnam has grounds to expect full-year growth of more than 8%. The Government, ministries, and localities will certainly strive to achieve the set target,” affirmed the official.

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