Vietnam’s GDP growth of 4.48% in the first quarter was lower than expected

Vietnam’s gross domestic product (GDP) grew by 4.48% in the first quarter of this year, the same as that in the fourth quarter of last year, less than market expectations, according to data released by Vietnam’s General Bureau of statistics on Monday.

Vietnam's GDP growth of 4.48% in the first quarter was lower than expected

According to the data, Vietnam’s exports increased by 19.2% and imports by 27.7% in March.

 

Vietnam was one of the few economies in the world that did not shrink from the epidemic last year. Earlier this month, Moody’s Investors Service raised Vietnam’s rating outlook from “negative” to “positive”, while confirming its “ba3” rating, saying that the country would benefit from changes in global production, trade and consumption after the outbreak.

 

In response to the move, Vietnam’s Ministry of Finance promised to “continue to implement policies to ensure macroeconomic stability and enhance economic competitiveness.” Vietnam’s parliament has set an official growth target of 6% for this year, while the government hopes to reach 6.5%.