HEADLINE Vietnam posts impressive GDP growth in first quarter

HEADLINE

Vietnam posts impressive GDP growth in first quarter

By Liu Gang | People's Daily app

23:15, April 12, 2018

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Hanoi (People’s Daily) - Vietnam posted an impressive growth rate of 7.38 percent in the first quarter of 2018, the highest of all ASEAN countries, according to a report released by the Vietnam Institute for Economic and Policy Research (VEPR) on April 10.

Processing and manufacturing continued to be a key driving force for the economy with an expansion of 13.56 percent, it noted, adding that industrial production output increased by 11.6 percent from a year earlier, much higher than the growth of the same period of recent years.

The report also noted that exports in the first three months were estimated at $54.31 billion, up 24.3 percent year on year. Up to $39.34 billion or 72.4 percent of the revenue came from FDI companies.

Meanwhile, $53.01 billion worth of goods were imported in the period, including $31.75 billion worth of goods by FDI businesses and $21.26 billion by domestic firms.

The report forecasts Vietnam will sustain this growth momentum in the next three quarters of this year at 6.51%, 6.84% and 6.75% respectively, and the growth rate for the whole year will reach 6.83%.

The Asian Development Bank (ADB) also expressed optimism over the country's economy. According to its "Asian Development Outlook 2018", published on April 11, Vietnam's 2018 growth rate will reach 7.1%. It says Vietnam will become one of the fastest growing economies in this region.

Aaron Batten, ADB's chief economist at Hanoi, noted foreign investment is the key driver of the country's economy. Foreign direct investment to the country has increased 7.2%. Besides, strong exports, consumption and the recovery in agriculture are also strong engines of the country's economy.

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