Vietnam’s GDP Growth Slows in First Quarter Amid Trade Woes

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