Vietnam's GDP rose by 5.66% in the first quarter

Vietnam ’s gross domestic product (GDP) grew by 5.66% in the first quarter, the highest rate for the period since 2020, the country's General Statistics Office (GSO) reported on Friday.

The growth was driven by a strong increase in industry and construction, which grew at 6.28% and accounted for 35.7% of GDP.

The services sector, including retail and tourism, increased 6.12%, accounting for 43.5% of the economy, according to information released at a GSO conference on Friday in Hanoi.

Vietnam received 4.6 million international visitors in the first quarter, up 78,6% compared with the same period last year.

In the first quarter, the agro-forestry-fishery sector grew by 2.98%, contributing 11.8% to the country’s overall GDP growth.

Import-export activities have shown signs of good recovery. The import-export turnover in the first quarter reached $178 billion, including $93 billion in exports and $85 billion in imports.

The consumer price index, which measures inflation, rose by an annual 3.97% in the first quarter.

The Vietnamese government's GDP growth target for this year is between 6% and 6.5%. Public investment, consumer spending, an import-export recovery and tourism are expected to boost growth.