Q1 GDP Soars to 5-Year High: 6.93% Growth

In the first quarter of 2025, Vietnam experienced an economic expansion of 6.93%, which represents the most significant Q1 growth over the past half-decade. This information was disclosed by the General Statistics Office on Sunday through their published figures.

Even though the performance was impressive, the number did not meet the forecasts provided by global financial entities like Standard Chartered and Singapore’s UOB Bank, who predicted growth rates ranging from 7.1% to 7.7%.

Nguyen Thi Huong, who leads the Statistics Office at the Ministry of Finance, observed that the outcome fell short of the government's growth objectives. She explained this shortfall was due to global instabilities and swift transformations in the international landscape, impacting Vietnam’s economic and social outcomes.

The industrial and construction industry showed strong growth, with an increase of 7.32% in value added over three months, primarily due to advancements in processing and manufacturing sectors.

Contributions from services accounted for more than 53.7% of the economy's added value, driven by an upsurge in consumer spending during the Lunar New Year holiday and an increase in the number of international visitors.

The agricultural, forestry, and fishery segment achieved its quarterly growth objective as expected, with its contribution to the economy rising by 3.74%.

The Consumer Price Index during the initial quarter of the year increased by 3.22% compared to the same period last year.

Vietnam targets a GDP growth of 8% this year.