VINACHEM

The Vietnamese economy is forecast to expand by more than 7% in the January-March period, which will be the best first-quarter performance in the last ten years.

The estimate was announced by the Ministry of Planning and Investment (MPI) at a meeting on macroeconomic management chaired by Deputy Prime Minister Vuong Dinh Hue on March 27.

MPI Deputy Minister Le Quang Manh said that the strong growth was mainly driven by the manufacturing sector.

Agriculture has continued to grow thanks to favourable weather conditions and the ongoing restructuring efforts, while services were buoyant on the back of growing private consumption as a result of macroeconomic stability, Manh added.

Vietnam’s level of inflation has also been kept in check, averaging 2.82% in the first three months of the year.

Exports in the January-March period were estimated to surge by 23% to US$33.62 billion, outstripping imports by nearly US$1.1 billion.

The MPI deputy minister estimated that total growth for the year could reach 6.8%, higher than the set target of 6.7%, if the current momentum is sustained.

Deputy PM Hue said that although Vietnam’s outlook was bright in the early months of the year, there is no place for complacency, and urged all concerned parties to promote the drivers of growth and keep a close eye on developments in the domestic and global economy.

The official economic data for Vietnam is scheduled to be announced by the General Statistics Office on March 29. - VNN -