07.04.2023
Vietnam’s GDP growth in Q1 slows down amid uncertain global economy, weak demand and real estate tightening.
The economy growth rose 3.32 percent, slowing from 5.92% in the last quarter of 2022, due to the export and construction shrank, showing the negative impact of the global uncertainty to this one of the most dynamic economies in the world.
- 11.9% drop in exports, due to the low overseas sales contracts. The tighter monetary policies in all over the world dampen the goods demand, especially in some major export sectors of Vietnam, such as Textiles and footwear, the orders slump to 90% in the first quarter of 2023.
- Import decreased 14.7% in Q1.
- Consumer prices rose 4.2% and the government of Vietnam aims to stablize inflation at 4.5% this year.
- Vietnam has experienced the weakness in construction due to the fallout of the property sectors. To limit the damage, Vietnam central bank has cut interest rates, which might contribute to reduce lending rates.
- Additionally, registered FDI in Q1/2023 has reached 7.8 billion US$ with 590 new projects worth 3.4 billion US$. Among 47 nations with newly licensed investment in Vietnam, Singapore, the biggest investor, continues to outweigh other countries with a tremendous capital of 1.43 billion US$.
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