Vietnam Q1 GDP grew 4.48% y/y, March exports soar 19.2%

Vietnam Q1 GDP grew 4.48% y/y, March exports soar 19.2%

Cows walk past a construction site in Hanoi on Jan 6, 2021. (AFP file photo)
Cows walk past a construction site in Hanoi on Jan 6, 2021. (AFP file photo)

HANOI: Vietnam's gross domestic product grew 4.48% in the first quarter of 2021 from the same period a year earlier, while March exports soared 19.2% year-on-year, government data released on Monday showed.

The expansion of GDP compared with 3.8% growth in the first quarter of 2020 and 4.48% in the fourth quarter.

The industrial and construction sector in the January-March period grew 6.3% from a year earlier, the General Statistics Office (GSO) said in a statement.

The services sector rose 3.34% and the agricultural sector expanded 3.16%, it said. 

Vietnam is estimated to have recorded a $400 million trade surplus in March, data showed.

Exports in March likely rose 19.2% from a year earlier to $28.6 billion, while imports were seen up 27.7% to $28.2 billion, the GSO said.

The GSO's trade data is traditionally released before the end of the reporting period and is often subject to revision.

For the first quarter, Vietnam’s exports were seen up 22% to $77.344 billion, while imports were estimated to have risen 26.3% to $75.308 billion, resulting in a trade surplus of $2.306 billion, the GSO said.

According to the GSO, Vietnam's industrial output in the first quarter rose 5.7% from a year earlier and average consumer prices rose 0.29% on the year.

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