The General Statistics Office (GSO) stated on March 29 that the manufacturing sector grew by 13.56% during the period, the fastest pace in the last seven years, thanks to the robust production of electronics, computers and steel.
According to the latest Nikkei report, Vietnam’s purchasing managers index (PMI) edged up slightly from 53.4 in January to 53.5 in February. A reading above 50 indicates growth in manufacturing activity.
Meanwhile the services sector expanded by 6.7% and agriculture grew by 4.05%.
Mining activity picked up slightly with an increase of 0.4%, as a result of higher coal, metal and gas output, after two consecutive years of decline.
According to GSO Director Nguyen Bich Lam, services were the largest contributor to GDP growth at 43.77%, while industry and agriculture contributed 35.26% and 10.34% respectively.
The consumer price index rose by an average of 2.82% in the first three months of 2018, while credit growth was estimated at 2.23% as of March 20, the GSO data shows.
The GSO director emphasised that the positive macroeconomic data reflects the government’s swift and effective actions, as well as the efforts of ministries and local authorities in the early months of the year.
