Vietnam GDP Q1 2024 +5.7%

According to the latest data released from the General Bureau of Statistics, Vietnam's economy grew by 5.7 per cent in the first quarter of 2024, representing the highest Q1 growth since 2020.

On a quarterly basis, growth in the January-March period was faster than the 3.4 per cent expansion in 2023, but slower than the 6.7 per cent recorded in Q4 2023.

The sector of agriculture grew by 3 per cent year on year, while the industry and construction sector grew 6.3 per cent and services by 6.1 per cent. The three sectors contributed to the overall growth 6.1 per cent, 41.7 per cent and 52.2 per cent respectively.

The Vietnamese government is targeting GDP growth between 6 and 6.5 per cent for 2024 and inflation of 4 per cent.

The International Monetary Fund estimated Vietnam GDP growth rate to be 5.8 per cent in 2024, while the World Bank has forecast that Vietnam's economy is likely to grow 5.5 per cent this year.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.