HANOI: Vietnam’s economy is likely to expand by more than 7 percent in the first quarter of this year, the highest rate in a decade, a senior government official said on Tuesday.
Deputy Minister of Planning and Investment Le Quang Manh said that industry and construction had contributed a significant amount to driving the economy in January-March, with growth of 11 percent.
Export revenue in the first quarter hit $33.62 million, up 23 percent against the same period last year, and the country posted a trade surplus of $1.1 billion during the period.
Positive results are also being seen in the service sector, with purchasing power increasing sharply thanks to macroeconomic stability, reflected in an increase of 2.82 percent in the consumer price index (CPI). The number of new businesses registered in the first three months hit the highest number in seven years at 26,800.
“Private firms have contributed a considerable part to the overall economic growth of the country,” Manh said at a meeting in Hanoi.
The nation is planning on generating half of its economic output from the private sector in the next two years, PM Phuc has said.
