Vietnam’s GDP expected to expand 7.2% in 1st qtr

Vietnam’s GDP expected to expand 7.2% in 1st qtr

HANOI, March 29 Kyodo

Vietnam’s economy is expected to expand 7.2% in the first three months of this year, official media reported Thursday.

Quoting the government’s General Statistics Office, the Tuoi Tre newspaper said the country has so far this year licensed 83 foreign-invested projects with a combined capital of $273 million, or 78.8% more than the first quarter of 2000.

Vietnam’s industrial production value for the first quarter is expected to surge 14.4% on the year, marking the highest growth level in recent years.

Economic analysts contend that while Vietnam’s economy has emerged from a slowdown, Hanoi still must tackle the slow sale of farm produce and improve the competitiveness of the economy so as to achieve this year’s projected gross domestic product (GDP) growth rate of 7.5%, the paper said.

Vietnam last year posted a GDP growth rate of 6.7%.

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