Vietnam's economy grows 4.48 pct in Q1

Xinhua, March 29, 2021

Vietnam recorded a year-on-year gross domestic product (GDP) growth of 4.48 percent in the first quarter of this year, exceeding the growth rate of 3.68 percent posted in the same period last year, the country's General Statistics Office announced Monday.

Amid impacts of the COVID-19 pandemic, the result showed the drastic efforts of the government, localities, businesses and people to reach the dual goal of both controlling the disease and developing the economy, said the office.

Specifically, the sector of agriculture, forestry and fishery grew by 3.16 percent against the same period last year, while industry and construction grew 6.3 percent and services up 3.34 percent.

The three sectors respectively contributed 8.34 percent, 55.96 percent and 35.7 percent to the overall growth, said the office.

Vietnam's GDP grew 2.91 percent in 2020, the lowest growth reported over the past decade. The country will strive to achieve a GDP growth of around 6 percent in 2021 while effectively curbing the COVID-19 pandemic, according to a plan adopted by its top legislature.

In a report released on March 25, the World Bank projected that Vietnam's economy would grow strongly by about 6.6 percent in 2021, much higher than many other peers in the region.