Economic situation of Vietnam in the first quarter of 2023
Economic situation of Vietnam in the first quarter of 2023: In the agricultural, forestry and fishery sector, the value added of the agricultural sector in Q1/2023 increased by 2.43% compared to the same period last year. In the industrial and construction sector, the value added of the industrial sector in Q1/2023 decreased by 0.82% compared to the same period last year. The service sector in Q1/2023 showed clear signs of recovery thanks to the effectiveness of domestic consumer stimulus policies.
Overview of the economic situation in the first quarter of 2023
Summary of the economic situation in Vietnam in the first quarter of 2023:
- The Gross Domestic Product (GDP) in the first quarter of 2023 is estimated to have increased by 3.32% compared to the same period last year, only slightly higher than the growth rate of 3.21% in the first quarter of 2020 in the period of 2011-2023. In which, the agriculture, forestry and fishery sector increased by 2.52%, contributing 8.85% to the overall growth rate; the industry and construction sector decreased by 0.4%, reducing 4.76%; the service sector increased by 6.79%, contributing 95.91%.
- In the agriculture, forestry and fishery sector, the value added of the agricultural sector in the first quarter of 2023 increased by 2.43% compared to the same period last year, contributing 0.22 percentage points to the overall value added growth rate of the economy; the forestry sector increased by 3.66% but had a low proportion, contributing only 0.02 percentage points; the fishery sector increased by 2.68%, contributing 0.06 percentage points.
- In the industry and construction sector, the value added of the industrial sector in the first quarter of 2023 decreased by 0.82% compared to the same period last year, which was the deepest decline in the same period in the years of 2011-2023, reducing 0.28 percentage points in the overall value added growth rate of the economy. The processing and manufacturing industry decreased by 0.37%, reducing 0.1 percentage points. The mining industry decreased by 5.6% (coal production decreased by 0.5% and crude oil extraction decreased by 6%), reducing 0.2 percentage points. Only the construction industry increased by 1.95%, slightly higher than the growth rate of 0.28% and 1.41% of the same period in 2011 and 2012 in the period of 2011-2023, contributing 0.12 percentage points.
- The service sector in Q1/2023 has shown a clear recovery thanks to the effectiveness of domestic consumption stimulus policies, the reopening of the economy since March 15, 2022, when Covid-19 was controlled, and the promotion of Vietnam’s tourism to countries worldwide.
- The contribution of some service sectors to the additional value increase in Q1 this year is as follows: accommodation and food services increased by 25.98% compared to the same period last year, contributing 0.64 percentage points; wholesale and retail increased by 8.09%, contributing 0.85 percentage points; finance, banking, and insurance activities increased by 7.65%, contributing 0.45 percentage points; transportation and warehousing increased by 6.85%, contributing 0.43 percentage points; information and communication increased by 1.5%, contributing 0.1 percentage points.
- Regarding the economic structure in Q1/2023, the agriculture, forestry, and fishery sector accounted for 11.66%; the industrial and construction sector accounted for 35.47%; the service sector accounted for 43.65%; product tax excluding subsidy product accounted for 9.22% (corresponding structure of the same period in 2022 was 11.57%; 37.08%; 42.06%; 9.29%).
- In terms of GDP use in Q1/2023, final consumption increased by 3.01% compared to the same period last year, contributing 46.11% to the overall growth rate; asset accumulation increased by 0.02%, contributing 0.14%; goods and services exports decreased by 8.33%; goods and services imports decreased by 10.52%, and the difference between goods and services exports and imports contributed 53.75%.
- The Gross Regional Domestic Product (GRDP) in Q1/2023 compared to the same period last year increased in 58 provinces and decreased in 5 provinces nationwide.
Economic situation in Vietnam Q1 2023:
- Agriculture, forestry, and fisheries production
- Industrial production
- Service activities
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