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Economy

Vietnam's economy expands in the first quarter of 2024

Hoàng Huyền Friday | 04/05/2024 17:19

Photo: Quý Hòa.

Gross domestic product (GDP) in the first quarter of 2024 is estimated to increase by 5,66% over the same period last year, according to the General Statistics Office.

In March 2024, the total import-export turnover of goods is estimated to reach 65.09 billion USD, up 35.6% over the previous month and up 12% over the same period last year.

In the first quarter of 2024, the total import-export turnover of goods reached a considerable growth of 178.04 billion USD, an increase of 15.5% over the same period last year. Particularly, exports saw a notable increase of 17%, and imports also experienced a significant rise of 13.9%. The trade balance of goods had a surplus of 8.08 billion USD, indicating a positive net balance in trade activities.

The US continues to be Vietnam's largest export market with an estimated turnover of 26,2 billion USD. China is Vietnam's largest import market with an estimated turnover of 29,4 billion USD.

Vietnam's economy in the first quarter of 2024. Infographic: nhipcaudautu.
Vietnam's economy in the first quarter of 2024. Infographic: nhipcaudautu.

Total retail sales of consumer goods and services in March 2024 are estimated to reach 509,3 trillion VND, up 0.5% over the previous month and up 9.2% over the same period last year.

In the first quarter of 2024, total retail sales of goods and consumer service revenue are estimated to reach 1,537.6 trillion VND, an increase of 8.2% over the same period last year (the first quarter of 2023 increased 13.9%), if excluding the price factor, increase by 5.1% (in the first quarter of 2023, up 10.1%).

In addition, Vietnam welcomed over 4.6 million foreign tourist arrivals in March 2024 reaching nearly 1.6 million people, up 4.4% over the previous month and up 78.6% over the same period last year.

In the first quarter of 2024, the number of international visitors reached over 4.6 million people, up 72% year-on-year, and 3,2% compared to the figure recorded in the same period of 2019 before the COVID-19 outbreak.

The consumer price index (CPI) in March 2024 decreased by 0.23% compared to the previous month. It also increased by 1.12% compared to December 2023 and increased by 3.97% compared to the same period last year.

In the first quarter of 2024, CPI increased by 3.77% over the same period last year; Core inflation increased by 2.81%.

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