Vietnam’s 1Q economic growth slows down to 3.82% from 6.79% amid virus pressure

Despite government’s efforts the impact from global economic downturn caused by the on-going trade war, coronavirus pandemic – the biggest public health crisis of modern time, oil price war, Vietnam has reported a 10-year-low GDP, much lower than 6.79% of first quarter 2019.

The government of Vietnam, which had pledged to sacrifice its economic benefits for ensuring safety, health and lives of its citizen when the virus has been killing lives and economies around the world.

The country's economy still maintains growth, but lower than result of the same period of last year. It shows the effectiveness in the drastic direction of the government and the Prime Minister, General Statistics Office commented.  

In the overall growth of the economy, the agriculture, forestry and fishery sector increased by 0.08%, contributing 0.2% to the general growth. The industry and construction increased by 5.15%, contributing 58.4% of growth.

GDP of service sector increased by 3.27%, contributing 41.4%, of which financial, banking and insurance activities increased by 7.19%.

Source: VGP

CPI falls 0.72% in March

March’s consumer price index fell 0.72% against February due impact of the Covid-19 epidemic, the plunge in oil prices. This is the lowest CPI in the period 2016-2020. However, the consumer price index of the first quarter of 2020 grew 3.05% year-on-year, at high level compared to the period of 2016-2020, General Statistics Office says.

CPI in March 2020 increased by 0.34% compared to December 2019 and by 4.87% over the same period in 2019, according to GSO data.

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