Due to the new impact of the coronavirus, Vietnam's GDP growth hit around 3.82 percent in the first quarter, the lowest level since 2010, the General Statistics Office reported on Friday. This is lower than the previous worst case forecast of 5.96% for the whole year of the Ministry of Planning and Investment.
The manufacturing and construction sector grew by 7.12% in Q1, the highest of any region. Services increased by 3.27% and agriculture, forestry and fishery by 0.08%. Up to 18,600 companies suspended business in Q1, an increase of 26% year-on-year.
The accommodation and food industry fell 11.04% year-on-year as hotels recorded a sharp drop in occupancy while restaurants were ordered to close to limit the spread.
Tourist numbers fell 18% year-on-year to 3.7 million, with sharp declines in China, South Korea and the US.
Local airlines, which have suspended all international flights, served 11.9 million passengers in Q1, down 8%.
Export value increased by 0.5% compared to 4.7% in the same period last year, of which textile and garment decreased by 8.9% and seafood decreased by 11.2%. Both sectors reported a large number of orders from the EU, US and China being canceled due to the impact of the coronavirus there.
Import value decreased by 1.9% year-on-year, of which China, the largest market, decreased by 18%.
The consumer price index hit a four-year high of 5.56%, with food price growth in double digits.
Vietnam has set a GDP growth target of 6.8 percent this year, but officials have forecast that the coronavirus pandemic could drag the figure to a seven-year low of 5.96%.
Last year, GDP growth hit 7.02 percent, the second-highest growth figure in the past decade, following a record 7.08 percent in 2018.