GDP growth in the first quarter of this year is higher than in 2020 and 2021 but still lower than in 2019, when Covid-19 has not appeared.

This morning (March 29), the General Statistics Office published socio-economic data in the first 3 months of 2022. Gross domestic product (GDP) in the first quarter is estimated to increase 5.03% year-on-year, higher than the growth rate of 4.72% in the first quarter of 2021 and 3.66% in the first quarter of 2020.

In the first 3 months of the year, most of the sectors and sectors tend to recover and grow again. In particular, the agricultural, forestry and fisheries sector increased by 2.45% (contributing 5.76% to the overall growth). The industrial and construction sector increased by 6.38%, contributing 51.08%. Services increased by 4.58% (43.16% contribution).

The manufacturing and processing industry continues to serve as a driving force for the economy’s growth with an increase of 7.79% year on year. In particular, the mining industry grew positively by 1.23% (coal mining increased by 3.2% and metal ore by 5%). The construction industry increased by 2.57%, lower than the 6.53% growth rate of the first quarter of 2021.

The service sector flourished as the epidemic was under control, and more activity resumed. Some industries such as finance, banking and insurance increased by 9.75%; transportation and warehousing increased by 7.06%; wholesale and retail increased by 2.98%.

The first quarter also recorded a recovery of exports and imports. The total import and export turnover of goods reached 176.35 billion USD, up 14.4% compared to the same period last year, in which exports increased 12.9%; imports increased 15.9%.

However, the General Statistics Office also noted that Vietnam’s economy will face many difficulties in the second quarter.The reason is that Vietnam has a large economic expansion, while the geopolitical situation is complex, the world economy is slowing down, commodity prices are rising… Therefore, the agency assessed that achieving the 6.5% growth target is challenging.

To achieve the growth target, the General Statistics Office believes that it is necessary to continue to implement Resolution 128 on safe adaptation; focus on disbursing all public investment capital. Vietnam also needs to maintain macroeconomic stability, market prices, constantly update inflation scenarios and monitor the price of essential commodities…

In addition, the agency said that Vietnam needs to promote domestic production, control fuel supply, strengthen the domestic market, remove barriers to facilitate domestic consumption.

Source: VnExpress