Vietnam’s economy grew by 6.93% in the first quarter of 2025, marking the highest Q1 growth in five years, according to data released by the General Statistics Office on Sunday.
Despite the strong showing, the figure fell short of projections made by international institutions such as Standard Chartered and Singapore-based UOB Bank, which had estimated growth between 7.1% and 7.7%.
Nguyen Thi Huong, Director General of the Statistics Office under the Ministry of Finance, noted that the result did not meet the government’s growth target. She attributed the gap to global instability and rapid changes in the international environment, which have affected Vietnam’s socio-economic performance.
The industrial and construction sector displayed robust performance, with added value rising 7.32% in three months, driven by processing and manufacturing.
Services contributed over 53.7% to the added value of the economy, boosted by the rising consumption demand during the Lunar New Year holiday and the increase in number of international tourists.
The agriculture, forestry, and fisheries sector met its growth target for the first quarter, with its added value increasing by 3.74%.
The Consumer Price Index for the first three months of the year rose by 3.22% year-on-year.
Vietnam targets a GDP growth of 8% this year.
