Remarkable figures shown in economic performances in Q1

09:17 | 02/04/2015 Trade

Viet Nam has witnessed gradual economic recovery and an increasingly stable macro-economy in the first quarter of 2015.

Remarkable figures shown in economic performances in Q1

GDP highest over three years

Viet Nam’s Gross Domestic Product (GDP) in the first quarter of 2015 reached 6.03%, the highest figure recorded in the same period over the past three years (4.76% in 2013 and 5.06% in 2014), according to the General Statistics Office (GSO).

The industry and construction sector witnessed the highest growth rate of 8.35%, accounting for 34.8% of the nation’s GDP. It was followed by the service sector with 5.82% and agriculture-forestry-aquaculture with 2.14%.

In the first quarter of the year, the State budget gained VND180,400 billion, equal to 20% of the estimates.

VN records US$1.8 billion trade deficit

Viet Nam recorded a trade deficit of US$1.8 billion in the first three months of this year, accounting for 9% over the total export-import turnover.

Of those, the foreign direct investment (FDI) sector, including crude oil, had a trade surplus of US$2 billion. Domestic enterprises had a trade deficit of US$3.8 billion.

Export turnover for the first quarter was evaluated at nearly US$35.7 billion, a year-on-year increase of 6.9%.

Total import turnover in the first quarter was estimated at US$37.5 billion, a year-on-year increase of 16.3%. Of those, the FDI sector overwhelmingly imported US$23.1 billion and domestic firms imported US$14.4 billion.

CPI in March increases 0.15%

The Consumer Price Index (CPI) in March only increased 0.15% against the previous month and witnessed a year-on-year increase of 0.93% despite the rise in the prices of oil and electricity.

The CPI in March decreased 0.1% compared to December 2014.

The average CPI growth for the first three months was minus 0.03 percent.

More than US$3 bln in FDI disbursed

Viet Nam disbursed US$3.05 billion in Foreign Direct Investment (FDI) in the first quarter of 2015, a year-on-year increase of 7%, according to the Foreign Investment agency, under the Ministry of Planning and Investment.

The total newly-registered and additional FDI reached US$1.8 billion, equal to 55.1% of that of the same period last year.

The processing and manufacturing industry led in attracting FDI with US$1.4 billion in 115 projects, accounting for 76.6%.

It was followed by the real estate and retail sales with US$202.93 million and US$123.36 million, respectively.

Industrial production up 9.1%

Viet Nam's industrial production index (IIP) grew 9.1%, compared with 5.3% in the first quarter last year and 4.9% in 2013.

GSO analysts attributed the improvement to the industrial consumption index's strong growth in the first two months of this year. It rose 14.7%on the year, much more than last year's 4.3%during the same period.

The processing and manufacturing sector, which contributed more than three fourths of overall growth, increased 9.6%, as opposed to 7.4% in Q1 last year.

Retail, service sectors post encouraging growth

The total retail sales and service revenue earned in the first quarter this year was VND790.8 trillion (US$37.13 billion), according to data from the GSO.

The figure represents a 10% year-on-year rise, GSO said, adding that the increase would be 9.2% if inflation was excluded.

Retail sales accounted for three fourths of total revenue, reaching VND604.5 trillion (US$28.38 billion) in the first quarter this year, a rise of 10%compared to the same period last year.
Meanwhile, the hotel-restaurant sector's total revenue increased by only 8.8%, lower than the average. The total revenue for tourism was down by 22.8%.

Over 25,000 laborers sent oversea

Viet Nam sent 25,766 workers overseas in the first quarter this year, up 10.7%compared to the same period last year, according to the Overseas Labor Management Department under the Ministry of Labor, War Invalids and Social Affairs.

The figure represented 27% of the year's target.

In March alone, as many as 8,560 went abroad under working contracts, mostly to Taiwan (China), Japan, the Republic of Korea, Malaysia, and Middle East countries.

 Source VGP