According to the government’s official data, Vietnam’s Q1 GDP grew by 5.66%, compared to the 3.41% increase in the same period last year, as the country’s export numbers rose, though shipping costs also increased by 55%-73% due to uncertain circumstances in the Red Sea.
The General Statistics Office (GSO) reported an increase of 17% in Q1 goods exports from Vietnam compared to the same period last year, reaching $93.06 billion, while import figures also rose 13.9% to $84.98 billion.
Vietnam targeted 6.0%-6.50% GDP growth in 2024 after missing last year’s target as the country encountered weak global demand and brief power shortages, while Prime Minister Pham Minh Chinh reaffirmed to investors that the government would not repeat the same mistake on power shortages as it was ramping up coal imports.
