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Vietnam's first-quarter GDP growth hits decade low

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Christian Fernsby ▼ | March 27, 2020
Vietnam’s gross domestic product (GDP) in the first quarter of 2020 grew 3.82 percent, the lowest pace during the 2011-2020 period, head of the General Statistics Office Nguyen Bich Lam said at a press conference in Hanoi on March 27.
Vietnam   During the reviewed period, the macro economy remained stable
However, given the global economic downturn due to the impacts of the coronavirus pandemic, the increase is pretty good as compared with the region and the world, according to the official.

Topics: Vietnam GDP

During the reviewed period, the macro economy remained stable and the processing and manufacturing sector, despite its low growth, continued to be the engine of the national economy, Lam added.

The official elaborated that the agro-forestry-fishery sector expanded 0.08 percent, contributing 0.2 percent to the GDP growth, while industry and construction picked up 5.15 percent, contributing 58.4 percent, and services went up 3.27 percent with a contribution of 41.4 percent.

Between January and March, final consumption expenditure rose 3.07 percent year-on-year, asset accumulation up 2.2 percent, the lowest since 2013, exports up 1.59 percent and imports up 1.05 percent.

The modest increases reflected the stagnant supply of goods and raw materials in the first three months due to strong impacts of the epidemic, Lam said.