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Vietnam Today

GDP rises 6.03% in Q1

Released at: 16:21, 27/03/2015

GDP rises 6.03% in Q1

Increase the highest in the quarter for three years.

by Nhi Linh

At 6.03 per cent, economic growth in the first quarter was higher than in the same quarter in 2013 and 2014, of 4.76 and 5.06 per cent, respectively. The first quarter result was, however lower than in the fourth quarter of 2014.

The industry and construction sector saw the strongest growth, of 8.35 per cent, contributing 34.8 per cent of the total value of domestic products. The service sector increased 5.82 per cent, with agriculture, forestry and fishery rising 2.14 per cent.

Deputy Minister of Planning and Industry Dao Quang Thu said that the economy was on its way to stable growth with positive signs, especially in industry. Although agriculture faced severe weather conditions is central Vietnam, it still maintained growth.

Total State budget revenue in the first quarter was over $8.84 billion, equal to 20 per cent of the estimate for the year. Revenue from manufacturing activities was considered solid. For example, revenue from State enterprises reached 21 per cent of the estimate for the year and the figure for foreign-invested enterprises was also 21 per cent. In non-government industry and trade, the figure was 23 per cent.

"Domestic revenue was high thanks to improvements in manufacturing and business," Deputy Minster Thu said. He predicted that with the stable growth it would possible for GDP growth in 2015 to be 6.2 per cent for the year as a whole and perhaps even higher if greater effort was made.

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