GDP in the first quarter increased the highest in the past 5 years
According to data from the Department of Statistics (Ministry of Finance), the gross domestic product (GDP) in the first quarter of 2025 increased by 6.93% over the same period last year, lower than the target set according to the whole year plan was 8% (the first quarter reached 7.7%). However, this is the highest increase in the first quarter compared to the same period from the same period from 2020.
Talking with Lao Dong, Ms. Nguyen Thi Mai Hanh - Head of the National Accounting System Department ( Statistics Office) assessed that the socio-economic situation of our country in the first quarter of 2025 maintained a positive trend.
Ms. Nguyen Thi Mai Hanh said that in terms of supply, agriculture, forestry and fishery increased by 3.74%, achieving positive results. The industrial and construction sectors increased by 7.42%, of which the processing and manufacturing industry accelerated significantly from February. Construction has improved thanks to early implementation of public investment, promoting the operations of enterprises and contractors. The service sector increased by 7.7%, contributing the largest to overall growth, thanks to domestic consumption demand and the number of international visitors increasing sharply during the Lunar New Year.
Attracting FDI capital has many positive signals, the realized investment capital of this sector increased by 9.3% over the same period in 2024.
Exports continue to grow strongly, the value of goods exports increased by 10%, services increased by 18%. In the first quarter of 2025, Vietnam will continue to export more than 3 billion USD in super goods. Final consumption remains stable, thanks to the sharp increase in Government consumption due to the same period in 2024 when the basic salary has not been increased (regular expenditure increased by 16.8%).
Finding opportunities in challenges to promote growth momentum
According to Associate Professor. Dr. Nguyen Thuong Lang, in the context of the US imposing countervailing tariffs on Vietnam, will face many difficulties in the growth target of 8% or more. However, despite facing major challenges from US countervailing taxes, Vietnamese enterprises can find opportunities in unaffected industries.
Some goods will not be subject to counterpart tax, including items subject to tax under Section 50 USC 1702(b); steel/alloy and automobile/car parts that have been subject to tax under Section 232; copper, pharmaceuticals, semiconductors and wood; all items may be subject to tax under Section 232 in the future; gold bars; energy and some minerals not available in the US.
By applying strategies for innovation, market expansion, supply chain improvement, international cooperation and human resource training, businesses can not only survive but also thrive in this difficult context. Flexbility and adaptability are the key to overcoming challenges and reaching success in the new era of global trade - Associate Professor. Dr. Nguyen Thuong Lang assessed.
Analyzing more about opportunities in the current difficult context, Ms. Nguyen Thi Mai Hanh said that Vietnam has many advantages and motivation for growth. For example, throughout the past time, the Government and the Prime Minister have focused on implementing socio -economic development solutions, promoting economic growth, maintaining macro stability, controlling inflation, ensuring great balance. At the same time, there was a quick reaction to the 46% reciprocal tax policy for goods imported from Vietnam.
Ms. Nguyen Thi Mai Hanh commented that the trend of shifting the global supply chain is opening up a great opportunity for Vietnam to attract foreign investment in industries, especially processing, manufacturing and high technology. Digital economy, digital transformation and innovation are identified as new growth drivers, contributing to improving productivity and economic efficiency.
Vietnam can take advantage of free trade agreements such as EVFTA, CPTPP, RCEP to expand export markets to Europe, Japan, Korea, etc., thereby reducing dependence on the US market and enhancing its position in the global supply chain. At the same time, public investment is being promoted with the determination to implement major projects such as the North-South high-speed railway, nuclear power, attracting leading technology corporations ("eagles") to invest in Vietnam.
