Vietnam's GDP in Q1 2026 grows 7.83% year-on-year

Vietnam’s economy grew 7.83% year-on-year in the first quarter of 2026, according to the General Statistics Office (GSO). The agency said the expansion reflected positive momentum across major sectors, supported by consumer demand during the Tet holiday and a higher number of international visitors.

Sector performance and economic structure

In Q1, services remained the largest contributor to value added, accounting for more than 50.32% of the total. The GSO attributed the sector’s growth to stronger trade and services activity, with value added rising 8.18% year-on-year.

The industrial and construction sector also maintained a positive growth trend. Construction activity improved as public investment accelerated. Value added for the entire industrial sector increased 9.01% over the same period last year, with processing and manufacturing leading growth at 9.73%.

Meanwhile, agriculture, forestry and fisheries grew steadily, with value added rising 3.36% in the quarter.

By economic structure, agriculture-forestry-fishery accounted for 10.89%, industry and construction for 37.15%, and services for 43.45%. The GSO said this structure was similar to the same period last year.

Trade, enterprise activity and investment

Merchandise trade remained brisk in Q1, totaling more than USD 249.5 billion. The figure was up 23% year-on-year, with exports rising 19.1% and imports increasing 27%.

The merchandise trade balance swung to a goods trade deficit of USD 3.64 billion.

In the first three months of the year, Vietnam recorded 96,000 newly registered enterprises or enterprises returning to operation, up 31.7% year-on-year. The GSO said this implies more than 32,000 enterprises were registered or resumed each month. However, closures and dissolutions continued to rise, with an average of about 30,600 enterprises exiting the market each month.

Total additional registered capital into the economy in Q1 2026 was over 1.3 quadrillion dong, down 5.1% from Q1 2025.

Business conditions and inflation

Survey results on business trends in processing and manufacturing—the GSO said is an engine of the economy—showed that over 23.8% of firms reported better conditions than in the previous quarter. More than 40% assessed activity as stable, while the remainder reported difficulties.

Consumer prices rose 3.51% year-on-year in the first three months. The GSO noted that March CPI was the highest in five years for the period.

GSO assessment and policy guidance

Nguyen Thi Huong, Director General of the GSO, described the quarterly results as “positive” amid volatile global conditions and escalating armed conflicts. She said the indicators point to domestic macro stability, with inflation under control at an appropriate level.

At the same time, the GSO warned that Vietnam remains highly open and exposed to external shocks from global economic and political developments. To achieve the two-digit growth target this year, the agency said Vietnam should maintain macro stability, ensure major economic balances, secure goods supply and control prices to stabilise the market.

Ms. Huong urged policymakers to update growth and inflation scenarios in a timely manner and strengthen the economy’s self-reliance to respond promptly to external shocks. She also called for flexible fuel price management through taxes, fees and stabilization funds to mitigate domestic fuel price pressures.

In addition, the GSO recommended reviewing price adjustment plans for state-controlled items such as electricity, healthcare, education and public services to avoid concurrent inflationary pressures. It further suggested targeted support for sectors directly affected by fuel volatility and transportation costs—including transport, fisheries, agriculture and logistics—and considering delaying or reducing certain input taxes and fees to stabilise production and preserve jobs.