GDP growth in the first quarter was impressive at 6.93%, the highest in 5 years

Vietnam's GDP growth in the first quarter of 2025 is the highest compared to the first quarter of the years in the period 2020 - 2025

Information released by the General Statistics Office (Ministry of Finance) on April 6 shows the recovery and positive development of Vietnam's economy in the context of many fluctuations in the world.

This 6.93% growth rate has exceeded the growth target of 6.2 - 6.6% for the first quarter of 2025 set out in Resolution No. 01/NQ-CP of the Government.

However, according to Ms. Nguyen Thi Huong, Director of the General Statistics Office, this figure has not yet reached the higher target of 7.7% according to Resolution No. 25/NQ-CP issued on February 5, 2025, due to global socio-economic instability.

GDP growth in the first quarter of 2025 was driven by the balanced development of all three major economic sectors.

Of which, the agriculture, forestry and fishery sector recorded a stable growth rate of 3.74%, contributing 6.09% to the total added value of the entire economy. In particular, the output of perennial crops, exploited timber and aquaculture all had a good growth, thanks to the application of science and technology and high technology, well meeting the needs of the domestic and export markets.

The added value of the agricultural sector in the first quarter of 2025 increased by 3.53% over the same period last year, contributing 0.32 percentage points to the total added value growth of the entire economy; the forestry sector increased by 6.67% but due to its low proportion, it only contributed 0.03 percentage points; the fishery sector increased by 3.98%, contributing 0.09 percentage points.

The industrial and construction sector had an impressive growth rate of 7.42%, contributing 40.17% to the total growth rate. Of which, the processing and manufacturing industry continued to be the main driving force with a growth rate of 9.28%. The construction industry also had an encouraging growth rate of 7.99%, higher than the same period in 2024. However, the mining industry recorded a decrease of 5.76%.

The service sector had the highest growth rate of 7.70%, contributing 53.74% to GDP growth. Increased consumer demand during the Lunar New Year holiday along with a strong recovery in international visitors contributed significantly to this growth. Service sectors with notable contributions included transportation and warehousing (up 9.90%), accommodation and catering services (up 9.31%), wholesale and retail (up 7.47%), finance, banking and insurance (up 6.83%), and information and communication (up 6.66%).

Regarding economic structure and GDP use, in the first quarter of 2025, the economic structure will shift slightly compared to the same period in 2024, with the service sector continuing to account for the largest proportion (43.44%), followed by the industrial and construction sector (36.31%), agriculture, forestry and fishery (11.56%), and product taxes minus product subsidies (8.69%).

In terms of GDP use, final consumption increased by 7.45%, asset accumulation increased by 7.24%, exports of goods and services increased by 9.71%, while imports of goods and services increased by 12.45%.

According to the General Statistics Office, although the highest growth target has not been achieved, the GDP growth results in the first quarter of 2025 still show positive signals and great efforts by Vietnam in maintaining economic recovery momentum.

Even growth across economic sectors and the important contributions of the processing and manufacturing industry and the service sector are bright spots in the economic picture in the first quarter of the year.

However, the Government and ministries will need to continue to closely monitor the world economic situation and have flexible management measures to achieve the growth target for the whole year of 2025.

TH (according to VnEconomy)

Source: https://baohaiduong.vn/gdp-quy-i-tang-truong-an-tuong-6-93-cao-nhat-trong-5-nam-408819.html