Vietnam Q1 growth hits five-year high on strong exports

It is the communist country's strongest Q1 growth since 2019, but still well off Standard Chartered Bank's forecast of 6.1%.

"The country's socioeconomic situation in the first quarter of 2024 achieved positive result despite many uncertainties in the world economy," the General Statistics Office (GSO) said in a statement.

The industrial and construction sector expanded by 6.28%, while the service sector grew 6.12% compared with the same period in the previous year.

A major global manufacturing hub, Vietnam also earned $93 billion from goods exports in the first quarter, up 17% year-on-year. The United States was its largest export market during this period.

Vietnam's trade surplus reached $8.08 billion in Q1, up from $4.93 billion in the same period last year, the GSO said.

Authorities are targeting 6-6.5% growth in 2024, up on the 5.05% seen last year, while the Asian Development Bank forecast the year-end figure could reach 6%.