Vietnam Q1 GDP expands 5.03% on year on strong industry, export growth

SINGAPORE (ICIS)–Vietnam’s economy expanded by 5.03% year on year in the first quarter of 2022, supported by strong growth in the manufacturing and construction sector, as well as exports, official preliminary data showed on Tuesday.

The first-quarter GDP growth beat the 4.72% expansion recorded in the first three months of 2021, but represents a slowdown from the 5.22% pace set in the previous quarter, the General Statistics Office said in a statement.

Vietnam’s manufacturing and construction posted a first-quarter growth of 6.3% year on year, while services expanded by 4.58%.

Exports during the period rose by 12.9% year on year to $88.6bn, while imports were up by $87.8bn, resulting in a trade surplus of around $809m.