Vietnam’s economic growth slowed to 3.32% in the first quarter, against a 5.92% year-on-year expansion in the fourth quarter of 2022, government data showed on Wednesday, as exports of smartphones and electronics fell sharply.
Industrial production in the first quarter fell 2.3% from a year earlier, while retail sales of goods and services rose 13.9%, the GSO said.
Consumer prices in March fell 0.23% from February, the GSO said. Average consumer prices in the first quarter rose 4.18% from a year earlier.
Vietnam is targeting 6.5% growth of gross domestic product this year, below a decade-high expansion of 8.02% last year.
The country’s central bank earlier this month cut several policy rates to increase liquidity and support economic growth, in a surprise move that set it apart from regional peers amid the global financial turmoil.
Vietnam’s benchmark stock index (.VNI) has lost 29% over the past year, according to Refinitiv data.
Source: Reuter
