Vietnam’s GDP estimated to expand 4.48 percent in Q1
Vietnam’s gross domestic product (GDP) in the first quarter of 2021 is estimated to rise 4.48 percent, higher than 3.68 percent recorded in the same period last year, the General Statistics Office (GSO) General Director Nguyen Thi Huong reported at a press conference on March 29.
GSO General Director Nguyen Thi Huong speaks at the press conference (Photo: VNA)
Hanoi (VNA) – Vietnam’s gross domestic product(GDP) in the first quarter of 2021 is estimated to rise 4.48 percent, higherthan 3.68 percent recorded in the same period last year, the General StatisticsOffice (GSO) General Director Nguyen Thi Huong reported at a press conferenceon March 29.
The GSO leader said that the agro-forestry-fishery sectorgrew 3.16 percent, contributing 8.34 percent to the overall GDP growth, whileindustry and construction expanded 6.3 percent, and service sector grew 3.34percent, contributing 55.96 and 35.7 percent to the total growth, respectively.
Huong attributed the result to the drastic and timelydirection of the Government, the Prime Minister and efforts of ministries,sectors, people and businesses to continue implementing the dual targets of preventingthe spread of the COVID-19 pandemic and developing the economy at the sametime.
She said that in the first quarter of this year, the agro-forestry-fisherysector saw strong growth thanks to high rice and fruit production, controlledAfrican swine flu and expanded markets for wood and forestry products.
Despite a 6.5 percent rise, higher than the figure of 5.1percent in the first quarter of 2020, the growth of the industry and constructionsector was still much lower than that in the first quarter of 2018 and 2019.
Illustrative image (Source: VNA)
Meanwhile, processing and manufacturing continued to be thedriving force for the growth of the economy with an expansion of 9.45 percent. Themining sector suffered negative growth of 8.24 percent.
Thanks to the good control of the COVID-19 pandemic and theoptimization of free trade agreements, the service sector enjoyed positivesigns. The growth of wholesale and retail was 6.45 percent, while that of the finance-bankingand insurance sector was 7.35 percent. However, the transportation andwarehouse sector and accommodation-catering services still saw decreases of2.17 percent and 4.49 percent, respectively.
In terms of economic structure, in the first quarter,contributions from the agro-forestry-fishery sector was 11.71 percent, whilethat of industry-construction was 36.45 percent; services, 42.2 percent; and producttaxes less subsidies on production, 9.64 percent.
Exports of goods and services rose 17.01 percent, whileimports increased 16.38 percent./.
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GSO General Director Nguyen Thi Huong speaks at the press conference (Photo: VNA) 
Illustrative image (Source: VNA) 
