Vietnam posts GDP growth of 6.79 pct in Q1

HANOI, March 29 (Xinhua) -- Vietnam is estimated to achieve gross domestic product (GDP) growth of 6.79 percent in the first quarter of this Year, down against the first quarter of last Year, but up against the first quarters of 2011-2017, the country's General Statistics Office announced on Friday.

Regarding economic structure in the three-month period, agriculture, forestry and fishery accounted for 10.16 percent of the GDP, industry and construction 35.25 percent, service 44.04 percent, and product taxes excluding subsidies 10.55 percent. The respective rates in the first quarter of last Year were 10.35 percent, 35.31 percent, 43.72 percent, and 10.62 percent.

Between January and March, among economic sectors, agriculture grew 1.84 percent against the same period last Year, forestry grew 4.2 percent, fishery grew 5.1 percent, industry grew 8.95 percent, construction grew 6.68 percent, goods wholesale and retails grew 7.82 percent, banking, finance and insurance grew 7.71 percent, and real estate trading grew 4.75 percent, said the office.

Vietnam gained a GDP growth of 7.08 percent in 2018, the highest rate over the past 10 Years, up from the annualized target of 6.5-6.7 percent. Its top legislature has set a target of attaining GDP growth of 6.6-6.8 percent in 2019.

Standard Chartered Bank has recently forecast that Vietnam will see a stable economic growth of 6.9 percent in 2019, buoyed by strong manufacturing sector supported by foreign direct investment.