Vietnamese economy expands 5.03% in 1Q22

• The Vietnamese economy expanded at 5.03% in 1Q22, the General Statistics Office said on 29 Mar 22.
• This is higher than the growth rate of 1Q21 at 4.72% and the rate of 1Q21 at 3.66%, but still lower than the rate recorded in 2019 at 6.85%.
• The service industry was seeing strong recovery and the industrial sector was developing quite well, especially manufacturing.
• The Consumer Price Index (CPI) in 1Q22 grew 1.92% y/y.
• Hýõng General Director of GSO, said so far, the prices of domestic consumer goods had been basically brought under control but inflation pressure in the remaining months of the year was still quite high.
• The price of goods and raw materials in the world was continuing to increase sharply in the context of the conflict between Russia and Ukraine, causing disruptions to the global supply chain, especially the prices of petrol, which put great pressure on production costs, she said.
• “Vietnam’s economy is likely to recover more strongly in the next quarters, increasing demand for goods and services will push up commodity prices. It is inevitable that prices of domestic consumer goods will be affected by world prices as the supply of fertiliser and grain used for animal feed declines sharply,” Hýõng said.
• “Therefore, the management and administration of prices in the future should be more cautious, proactive and flexible in order to keep the CPI growth rate at 4% set by National Assembly,” she said.

External Link : https://vietnamnews.vn/economy/1169389/vietnamese-economy-expands-503-per-cent-in-q1.html