Still below new growth target
On April 6, the General Statistics Office - Ministry of Finance announced the socio-economic statistics for the first quarter. According to the report, the gross domestic product (GDP) in the first quarter is estimated to increase by 6.93% over the same period last year, reaching the highest increase compared to the first quarter of the years in the period 2020-2025.
Ms. Nguyen Thi Huong - Director of the General Statistics Office - explained that this growth figure exceeded the target set for the first quarter in Resolution No. 01 (GDP growth target for the whole year reached from 6.5 - 7%, of which the first quarter reached 6.2 - 6.6%). However, compared to the higher target in Resolution No. 25 dated February 5, 2025 (the national growth target in 2025 reached 8% or more, of which the first quarter reached 7.7%), this figure is lower.
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Ms. Nguyen Thi Huong - Director of the General Statistics Office. |
In this result, the agriculture, forestry and fishery sector increased by 3.74%, contributing 6.09% to the total added value of the whole economy; the industry and construction sector increased by 7.42%, contributing 40.17%; the service sector increased by 7.70% (the highest in the past 6 years), contributing 53.74%.
Regarding the growth rate of each region, the agriculture, forestry and fishery sector generally achieved the target set in the first quarter. Industrial production continued to flourish, with the industrial production index estimated to increase by 7.8% over the same period last year, the highest increase in the first quarter since 2020.
The processing and manufacturing industry is the growth driver of the entire economy with a growth rate of 9.28%, contributing 2.33 percentage points. The construction industry increased by 7.99%, higher than the growth rate of 7.57% in the first quarter of 2024. The mining industry alone decreased by 5.76%, reducing by 0.17 percentage points.
Notably, the growth of the trade and service sector reached a fairly high level. Total retail sales of goods and consumer service revenue in March 2025 is estimated to increase by 10.8% over the same period last year. In the first quarter, total retail sales of goods and consumer service revenue increased by 9.9% over the same period last year.
Import and export turnover increased by 13.7%
Regarding import and export, the total import and export turnover of goods in March reached 75.39 billion USD, up 18.2% over the previous month and up 16.6% over the same period last year. In the first quarter of 2025, the total import and export turnover of goods reached 202.52 billion USD, up 13.7% over the same period last year, of which exports increased by 10.6%; imports increased by 17.0%. The trade balance of goods had a surplus of 3.16 billion USD.
Of which, the export turnover of goods reached 102.84 billion USD in the first quarter, up 10.6% over the same period last year. By region, the domestic economic sector reached 29.02 billion USD, up 15%, accounting for 28.2% of total export turnover; the foreign-invested sector (including crude oil) reached 73.82 billion USD, up 9%, accounting for 71.8%.
Import turnover of goods in March reached 36.88 billion USD, up 12.9% compared to the previous month. In the first quarter, import turnover of goods reached 99.68 billion USD, up 17% compared to the same period last year, of which the domestic economic sector reached 36.78 billion USD, up 19.3%; the foreign-invested sector reached 62.9 billion USD, up 15.8%.
Regarding the import and export market in the first quarter, the United States was Vietnam's largest export market with a turnover of 31.4 billion USD. China was Vietnam's largest import market with a turnover of 38.1 billion USD.
Source: https://tienphong.vn/dong-luc-nao-thuc-day-gdp-quy-i-tang-cao-nhat-trong-6-nam-qua-post1731477.tpo
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