(Bloomberg) -- Vietnam’s economic growth slowed in the first quarter amid a weakening in global demand and ongoing U.S.-China trade tensions.
Gross domestic product rose 6.79 percent from a year earlier, down from a previously reported 7.3 percent in the fourth quarter, the General Statistics Office said in Hanoi on Friday. The median estimate in a Bloomberg survey of five economists was for growth of 6.5 percent.
Key Insights
- A global trade downturn is hurting export-reliant economies across the region like manufacturing powerhouses Singapore and Taiwan. In Vietnam, exports weakened in the first two months of the year, but rebounded sharply in March, led by electronics shipments
- Vietnam has benefited from a surge in foreign direct investment in recent years, helping to keep growth above 6 percent. Businesses also see it as an alternative location to set up or expand operations as U.S.-China trade talks continue to drag on
- The government has pledged to keep its currency stable and curb price pressures to help support economic growth, which it forecasts will reach 6.6 percent to 6.8 percent this year
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- Consumer prices rose 2.7 percent in March from a year earlier. Click here for more details
- Exports increased 4.7 percent in the first quarter from a year earlier, while imports rose 8.9 percent. For a detailed breakdown of the data, click here
(Updates with export figures.)
