Gdp Growth

The growth deceleration was broad-based across the primary, secondary, and tertiary sectors.

A positive economic growth rate in the first quarter indicated strong efforts of both the government and the society in maintaining business production while combating the Covid-19.

Vietnam would be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China).

Despite the impacts of the outbreak on the local economy, the Vietnamese government would not revise down the growth target of 6.8% for this year.

Banks could consider restructure debt payment period or lower interest rates for enterprises and individual customers facing difficulties from the epidemic.

Vietnam’s economy is certain to slow down in the first quarter, but the impact could linger to the second quarter.

The growth rate is significantly lower than the 6.8% growth rate recorded in the first quarter of 2019.

Vietnam’s economic growth continues to be driven by the resilient foreign sector and robust domestic consumption.