Report on socio-economic situation in Quarter I in 2025

1. Growth rate of gross domestic product

Gross domestic product (GDP) in the first quarter of 2025 was estimated to increase by 6.93% over the same period last year, the highest growth rate compared to the first quarter in the period 2020-2025[1]. Of which, the agriculture, forestry and fishery sector increased by 3.74%, contributing 6.09% to the total added value of the entire economy; the industry and construction sector increased by 7.42%, contributing 40.17%; the service sector increased by 7.70%[2], contributing 53.74%.

The agricultural, forestry and fishery sector achieved the growth target in the first quarter thanks to remarkable increase in the output of some perennial crops, exploited wood and aquaculture due to the application of high technology and techniques met the requirements of the domestic market and exports. The added value of the agricultural sector in the first quarter of 2025 increased by 3.53% over the same period last year, contributing 0.32 percentage points to the total added value of the whole economy; the forestry sector increased by 6.67% but only contributing 0.03 percentage points due to its small share in the total; the fisheries sector increased by 3.98%, contributing 0.09 percentage points.

Production of the industrial and construction sector continued to flourish. The added value of the industry sector in the first quarter of 2025 increased by 7.32% over the same period last year (the same period last year increased by 6.71%), contributing 2.39 percentage points to the growth in total value added of the whole economy. The manufacturing was the growth driver of the whole economy with a growth rate of 9.28%[3], contributing 2.33 percentage points; the electricity production and distribution increased by 4.60%, contributing 0.18 percentage points; the water supply; sewerage, waste management and remediation activities increased by 8.81%, contributing 0.05 percentage points; the mining decreased by 5.76%, contributing to the decrease by 0.17 percentage points. The construction increased by 7.99%, higher than the growth rate of 7.57% in the first quarter of 2024, contributing 0.48 percentage points.

In terms of the service sector, the high demand for consumption during the Lunar New Year and the number of international visitors to Viet Nam contributed to the relatively high growth of the trade and service sectors. The contribution of some service sectors to the total added value growth of the entire economy in the first quarter of this year was as follows: The transportation and storage increased by 9.90% over the same period last year, contributing 0.67 percentage points; accommodation and catering services increased by 9.31%, contributing 0.27 percentage points; the wholesales and retail trade; vehicles and motorcycles repairs increased by 7.47%, contributing 0.83 percentage points; financial, banking and insurance increased by 6.83%, contributing 0.41 percentage points; the information and communications increased by 6.66%, contributing 0.45 percentage points.

Regarding the economic structure in the first quarter of 2025, the agriculture, forestry and fishery sector accounted for 11.56%; the industry and construction sector accounted for 36.31%; the service sector accounted for 43.44%; the products taxes less subsidies on products accounted for 8.69%[4].

Regarding GDP expenditure in the first quarter of 2025, final consumption increased by 7.45% over the same period last year, the gross capital formation increased by 7.24%, the exports of goods and services increased by 9.71%, the imports of goods and services increased by 12.45%.

2. Agriculture, forestry and fishery

a) Agriculture

– Winter-spring rice: As of March 20, 2025, 2,949.4 thousand hectares of spring rice were cultivated across the country, gained an increase of 17.2 thousand hectares compared to the spring crop in 2024. Of which the Mekong River Delta region reached 1,508.3 thousand hectares, an increase of 20.7 thousand hectares, harvested area reached 1,060.3 thousand hectares of spring rice, accounting for 70.3% of the cultivated area and equal to 105.3% of the same period last year, with an estimated yield of 72.0 quintals/ha, down 0.3 quintals/ha compared to the previous spring crop; the production was estimated at 10.9 million tons, up 109 thousand tons.

– Autumn-winter rice: As of March 20, 2025, the Mekong River Delta had completed the harvest of the 2024-2025 with cultivated area of 191.8 thousand hectares, an increase of 8.7 thousand hectares compared to the previous winter crop, the yield was estimated at 52.7 quintals/ha, down 0.6 quintals/ha; the production was estimated at 1.0 million tons, an increase of 35.4 thousand tons.

– Annual crops: As of 20 March 2025, the progress of planting some winter-spring vegetables such as beans, corn increased compared to the same period last year; the area of ​​peanuts, sweet potatoes, and soybeans decreased mainly due to low economic efficiency.

– Perennial trees: The production of some perennial crops in the first quarter of 2025 increased compared to the same period last year due to favorable weather, together with the enhancement in effective application of scientific and technical measures and investment in care.

– Livestock: Buffalo and cow raising witnessed a downward tendency; pig and poultry farming were developed well. At the end of 3/2025, total pig population and poultry population increased by 3.3% and 3.2% respectively compared to the same period in 2024; total cattle population and buffalo population decreased by 0.1% and 3.5%, respectively.

b) Forestry

The newly concentrated afforested area in March 2025 was estimated at 24.5 thousand hectares, up 24.1% over the same period last year; the number of scattered planted trees reached 10.8 million trees, up 1.7%; timber production output reached 1,684,7 thousand m³, up 13.1%, the damaged forest area was 69.2 hectares, down 57.7%. Generally, in the 1^st quarter of 2025, the ​​newly concentrated afforested area was estimated at 46.5 thousand ha, up 17.8% over the same period last year; the number of scattered planted trees reached 24.2 million trees, up 4.4%; timber production output was estimated at 4,346,0 thousand m³, up 16.6%; the damaged forest area was 216.0 hectares, down 14.4%.

c) Fishery

Fishery output in March 2025 was estimated at 750.5 thousand tons, up 3.5% over the same period last year, including: Aquaculture output in March 2025 was estimated at 421.4 thousand tons, up 5.3%; the caught fishery output was estimated at 329.1 thousand tons, up 1.2%. Generally, in the 1^st quarter of 2025, fishery output was estimated at 1,993.4 thousand tons, up 2.8% over the same period last year, including: Fish reached 1,480.3 thousand tons, up 2.9%; shrimp reached 202.4 thousand tons, up 4.6%; other fishery products reached 310.7 thousand tons, up 1.5%.

3. Industrial production

– The Index of Industrial Production (IIP) for Q1 2025 was estimated to increase by 7.8% compared to the same period last year (Q1 2024 increased by 5.9%), in which the manufacturing increased by 9.5% (Q1 2024’s figure was 6.0%), contributing 7.9 percentage points to the overall increase; the electricity production and distribution increased by 4.6%, contributing 0.4 percentage points; the water supply, waste management, and wastewater treatment sector increased by 11.6%, contributing 0.2 percentage points; the mining contracted by 4.7%, reducing the overall increase by 0.7 percentage points.

– The IIP in Q1 2025 compared to the same period last year increased in 59 localities and decreased in 04 localities across the country.

– The index of industrial shipment (IIS) for the manufacturing in Q1 2025 increased by 5.4% against 2024 (Q1 2024’s figure were 8.2%).

– The inventory index for the manufacturing and processing sector was estimated as of March 31, 2025 to increase by 5.9% compared to the previous month and increase by 15.1% compared to the same period last year (with a 2024 increase of 14.1%). The average inventory rate for the manufacturing and processing sector in Q1 2025 was 90.0% (compared to 68.7% in Q1 2024).

 – The number of workers employed in industrial enterprises as of March 1, 2025, saw a month-on-month growth of 1.1% and year-on-year increase of 4.8%.

4. Enterprise activities

a) Enterprise registration^[5]

– In March, the whole country recorded more than 15.6 thousand newly established enterprises, up 54.2% over the previous month and up 3.4% over the same period last year; more than 9.1 thousand resume operations enterprises, up 29.3% and more than 3 times; 4,392 enterprises registered for temporary suspension of operation for a specific period, up 23.6% and up 6.1%; 4,899 enterprises temporarily inactive and awaited dissolution procedures, an increase of 64.9% and a decrease of 1.6%; 2,137 enterprises completed dissolution procedures, an increase of 23.0% and an increase of 54.4%, respectively.

– Overall, in Q1 2025, the whole country had more than 72.9 thousand newly registered and resume operations enterprises, a year-on-year increase of 18.6%; on average, each month, there were over 24.3 thousand newly registered and resume operations enterprises. The number of enterprises withdrawing from the market was 78.8 thousand ones, an increase of 7.0%; on average, nearly 26.3 thousand enterprises withdrew from the market each month.

b) Business trends of the enterprise

According to the results of the business tendency survey of manufacturing enterprises in the first quarter of 2025, the number of enterprises assessing the production and business situation as better than in Q4 2024 was low, only 24.1%, but it is expected that in the second quarter of 2025, 45.8% of enterprises will assess the trend to be better than in the Q1 2025.

5. Service activities

Total retail sales of consumer goods and services at current prices in March 2025 was estimated at 570.9 trillion VND, up 1.7% over the previous month and up 10.8% over the same period last year. Overall, in the first quarter of 2025, the total retail sales of consumer goods and services at current prices was estimated at 1,708.3 trillion VND, up 9.9% over the same period last year (up 8.6% in the same period in 2024), if excluding the price factor, up 7.5% (the same period in 2024 increased by 5.5%).

Passenger transport in March 2025 was estimated at 479.4 million passengers, increased by 20.1% over the same period last year and passenger traffic was 25.8 billion passengers-kilometers, up 12.5%. Overall, in Q1 2025, passenger carried was estimated at 1,414.2 million passengers, up 17.6% over the same period last year and passenger traffic was 77.7 billion passengers.km, increased by 14.7%.

Freight transport in March 2025 was estimated at 242.2 million tons of freight carried, increased by 16.4% over the same period last year and 45.5 billion tons.km of freight traffic, up 15.4%. Overall, in Q1 2025, freight transport was estimated at 715.8 million tons of freight carried, up 15.4% over the same period last year and 138.6 billion tons.km of freight traffic, an increase of 8.9%.

Telecommunications revenue in the first quarter of 2025 at current prices was estimated at 94.7 trillion VND, up 5.1% over the same period last year (excluding the price factor, the increase was 4.6%).

The number of international visitors to Viet Nam in March 2025 reached more than 2.05 million, increased by 28.5% compared to the same period last year. In Q1 2025, international visitors to Viet Nam reached more than 6 million arrivals, up 29.6% compared to the same period last year; the number of Vietnamese nationals depart Viet Nam through international airports reached 2.7 million, 2.2 times higher that of the previous year.

6. Banking, insurance, stock market

– As of March 25, 2025, total liquidity increased by 1.99% compared to the end of 2024, capital mobilization of credit institutions saw an increased of 1.36%; credit growth of the economy reached 2.49%.

– Total insurance premium in Q1 2025 was estimated at 56,575 billion VND, up 5.6% over the same period in 2024, of which: Life insurance premium was estimated at 34,561 billion VND, up 3.0%; non-life insurance was estimated at 22,014 billion VND, up 10.6%.

– The stock market was stable with stock market capitalization increasing by 1.1%. In Q1 2025, the average transaction value per session in stock market reached 18,152 billion VND, down 13.6% against 2024; the average transaction value per session in bond market in Q1 2025 reached 13,652 billion VND, up 15.7% against 2024.

7. Capital expenditure

– In Q1 2025, total investment at current prices was estimated at 666.5 trillion VND, up 8.3% against 2024.

– As of March 31, 2025, total foreign investment capital registered in Viet Nam reached 10.98 billion USD, a year-on-year increase of 34.7%.

– In the first three months of 2025, foreign investment capital disbursed in Viet Nam was estimated at 4.96 billion USD, year-on-year increase 7.2%.

– Foreign investment outflows of Viet Nam in the first three months of 2025 recorded 30 projects newly granted investment certificates with a total capital of Viet Nam’s side of 233.6 million USD, 9.4 times higher than the same period last year; there were 05 projects with capital adjustment with the adjusted capital increasing by 5.4 million USD, 24.3 times higher. Generally, total Viet Nam’s foreign investment outflows (newly granted and adjusted capital) was nearly 239 million USD, 9.5 times higher than the same period last year.

8. State budget revenue and expenditure

Total state budget revenue in March 2025 was estimated at 189.7 trillion VND. The accumulated total state budget revenue in Q1 2025 reached 721.3 trillion VND, equaling 36.7% of the annual estimate and up 29.3% against 2024.

Total state budget expenditure in March 2025 was estimated at 148.1 trillion VND; accumulated expenditure in Q1 2025 was estimated at 428.2 trillion VND, equaling 16.8% of the annual estimate and an increase of 11.6% against 2024.

9. Export and import of goods and services

a) Export and import of goods^[6]

In March, total export and import turnover of goods^[7] reached 75.39 billion USD, up 18.2% over the previous month and up 16.6% against 2024. Generally, in Q1 2025, the total export and import turnover of goods reached 202.52 billion USD, up 13.7% against 2024, of which exports increased by 10.6%; imports increased by 17.0%[8]. The trade balance of goods had a surplus of 3.16 billion USD.

 – Export of goods: Export turnover of goods in March 2025 reached 38.51 billion USD, up 23.8% over the previous month and increased by 14.5% against 2024. Generally, in Q1 2025, export turnover reached 102.84 billion USD, grew by 10.6% over the same period last year. Of which, the domestic economic sector was 29.02 billion USD, went up 15.0%, accounting for 28.2% of total export turnover; the FDI sector (including crude oil) attained 73.82 billion USD, increased by 9.0%, sharing 71.8%.

Regarding the structure of exported groups in Q1 2025, the group of processing industry was estimated at 90.92 billion USD, accounting for 88.4%.

– Import of goods: Import turnover of goods in March 2025 reached 36.88 billion USD, increased by 12.9% over the previous month and grew by 17.8% compared to the same period last year. Generally, in the first quarter of 2025, import turnover of goods reached 99.68 billion USD, increased by 17.0% over the same period last year. Of which the domestic economic sector reached 36.78 billion USD, surged up 19.3%; and the FDI sector gained 62.9 billion USD, up 15.8%.

Regarding the structure of imported groups in the first quarter of 2025, the group of production materials was estimated at 93.51 billion USD, accounted for 93.8%.

– Regarding the export and import market of goods in the first quarter of 2025, the United States was the Viet Nam’s largest export market with a turnover of 31.4 billion USD. China remained the largest import market of Viet Nam with a turnover of 38.1 billion USD.

– The balance of goods in March had a trade surplus of 1.63 billion USD. Generally, in the first quarter of 2025, the trade balance of goods had a trade surplus of 3.16 billion USD (in the same period last year, the trade surplus of 7.7 billion USD). Of which, the domestic economic sector has a trade deficit of 7.76 billion USD; the FDI sector (including crude oil) had a trade surplus of 10.92 billion USD.

b) Export and import of services

In the first quarter of 2025, service export turnover was estimated at 7.58 billion USD, a year-on-year increase of 21.7%; service import turnover was estimated at 9.22 billion USD (including the transportation and insurance service fee of imported goods of 3.16 billion USD), a rise of 18.0%. The service trade deficit in the first quarter of 2025 was 1.64 billion USD.

10. Consumer price index, gold price index and USD price index

a) Consumer price index, gold price index and USD price index

– The consumer price index (CPI) in March 2025 decreased by 0.03% compared to the previous month; increased by 1.3% compared to December 2024 and increased by 3.13% compared to the same period last year. In the first quarter of 2025, generally the CPI increased by 3.22% compared to the same period last year; core inflation increased by 3.01%.

– The gold price index in March 2025 increased by 4.68% compared to the previous month; increased by 32.68% compared to the same period last year; increased by 10.75% compared to December 2024; on average in the first quarter of 2025, the gold price index increased by 31.45%.

– The USD price index in March 2025 increased by 0.77% compared to the previous month; increased by 3.4% compared to the same period last year; increased by 0.92% compared to December 2024; on average in the first quarter of 2025, the USD price index increased by 3.63%.

b) Producer price index

The producer price index for agriculture, forestry and fishery, industry, services, input producer price index and the merchandise export price index in the first quarter of 2025 tended to increase compared to the same period last year, while the merchandise import price index decreased following the world market. The producer price index for agriculture, forestry and fishing products in the first quarter of 2025 increased by 8.28% compared to the same period last year; the producer price index for industry products increased by 2.24%; the producer price index for service increased by 4.74%; the input producer price index increased by 4.93%; the merchandise export price index increased by 6.61%; the merchandise import price index decreased by 1.07%.

11. Some social situations

a) Labor and employment

The labor and employment situation in the first quarter of 2025 continued to maintain the pattern of the quarter with Lunar New Year, that is, the labor force decreased compared to the previous quarter and increased compared to the same period last year. The average monthly income of employees increased compared to the previous quarter and the same period last year; the unemployment rate among working-age people decreased compared to the previous quarter and decreased compared to the same period last year.

The labor force aged 15 and over nationwide in the first quarter of 2025 was estimated at 52.9 million people, a decrease of 230.7 thousand people compared to the previous quarter, and an increase of 532.0 thousand people compared to the same period last year. The rate of trained labor force with degrees and certificates in the first quarter of 2025 was 28.8%, an increase of 0.2 percentage points compared to the previous quarter and a rise of 1.0 percentage point compared to the same period last year.

The number of employed population in the first quarter of 2025 was estimated at 51.9 million persons, a downturn of 234 thousand persons compared to the previous quarter and an uptrend of 532.1 thousand persons compared to the same period last year.

The underemployment rate of labor force at working age in the first quarter of 2025 was 1.72% (figures in the urban areas and the rural areas were 0.98% and 2.21%, respectively); the unemployment rate of the working age in the first quarter of 2025 was 2.20% (2.38% in the urban areas; 2.07% in the rural areas); the unemployment rate among young people (aged 15-24) in the first quarter of 2025 was 7.93%.

The average income of employees in the first quarter of 2025 was 8.3 million VND per month, an increase of 131 thousand VND compared to the fourth quarter of 2024 and a year-on-year increase of 720 thousand VND.

b) People’s life and social security

Regarding the people’s life situation in the first quarter, according to the monthly labor force survey report, the rate of households with income in the first quarter of 2025 had a year-on year increase of 34.5%. Much attention to social security work was continuously paid by all administrative levels, ministries and agencies in the central government and localities. According to the consolidated report from localities, from the beginning of the year to now (as of March 25, 2025), the total amount of social security support for groups was more than 20.5 trillion VND, of which: Support for people with meritorious services and relatives of people with meritorious services to the revolution was nearly 10.0 trillion VND; support for social protection beneficiaries according to Decree No. 20/2021/ND-CP was nearly 8.0 trillion VND; support for poor households, near-poor households, households in difficult circumstances, and social policy households was more than 2.4 trillion VND; other unusual support arising locally was more than 152.1 billion VND.

Regarding rice support, from the beginning of the year to March 28, 2025, the Government supported people with nearly 6.9 thousand tons of rice, including: Supporting 6.0 thousand tons of rice to relieve hunger on the occasion of Lunar New Year for 402.6 thousand people; supporting 836.0 tons of rice to relieve hunger during the 2025 crop gap for nearly 55.8 thousand people.

c) Cultural and sports activities

In the first three months of 2025, many cultural activities took place vibrantly and diversely, from traditional festivals, heritage conservation to artistic and creative events, demonstrating strong development and international integration.

Mass sports activities have developed strongly and enthusiastically since the beginning of the year, contributing to promoting the movements of “All people exercising following the example of great Uncle Ho” and “Staying healthy to build a career and defend the country”. Viet Nam’s high-performance sports have also achieved many impressive results at important international tournaments.

d) Traffic accidents

In the first quarter of this year, there were 4,536 traffic accidents nationwide, causing 2,477 deaths and 3,079 injuries. On average, there were 50 traffic accidents per day in the first quarter of 2025, causing 28 deaths and 34 injuries.

e) Disaster-induced loss

In the first quarter of 2025, natural disasters caused 07 deaths and missing, 06 injuries; nearly 10.1 thousand hectares of rice paddy and vegetable areas were damaged; 173 houses collapsed, swept away and damaged. The total value of property loss caused by natural disasters in the first quarter of 2025 was estimated at 116.7 billion VND, a year-on-year decrease of 31.8%.

In summary, in the context of the unpredictable fluctuations in the world economic and political situation, with the participation of the entire political system, the timely, drastic and close direction and management of the Government, the Prime Minister and the efforts of all administrative levels, ministries and agencies, localities, the business community and the people nationwide, the economy in the first quarter of 2025 achieved a growth rate of 6.93%. This is a very positive growth, demonstrating the high determination, great efforts, drastic, timely and effective actions of the entire political system in directing, operating and implementing socio-economic development tasks facing rapid and unusual fluctuations in the region and the world.

[1] The year-on-year GDP growth rate in the first quarter in 2020-2025 was respectively: 3.21%; 4.85%; 5.42%; 3.46%; 5.98% and 6.93%.

[2] The year-on-year growth rate of added value of the service sector in the first quarter in 2020-2025 was respectively: 3.03%; 4.51%; 4.99%; 6.99%; 6.24% and 7.70%.

[3] The added value of the manufacturing activity in the first quarter of 2024 increased by 7.49% over the same period last year.

[4] The corresponding structure for the same period in 2024 was 11.65%; 36.38%; 43.12%; 8.85%.

[5] Source: National Business Registration Information Portal, Agency for Private Enterprise and Collective Economy Development, Ministry of Finance, received on April 2, 2025. Pursuant to Decree No. 62/2024/ND-CP dated June 7, 2024 of the Government (effective from August 1, 2024), the period of data on business registration in the month is calculated from the 1^st day to the last day of the reporting month. Particularly for time indicators (resume operations enterprises, enterprises registered for temporary suspension of operation for a specific period, enterprises temporarily inactive and awaited dissolution procedures), the period of data for months before August 1, 2024 is calculated from the 21^st day of the preceding month of the reporting month to the 20^th day of the reporting month.

[6] The value of export turnover is calculated at F.O.B price and import turnover is calculated at C.I.F price (including transportation and insurance costs of imported goods).

[7] Preliminary export and import data for March 2025 provided by the Viet Nam Customs on April 3, 2025.

[8] Total import and export turnover of goods in Q1 2024 reached 178.1 billion USD, up 15.5% over the previous year, of which exports reached 92.9 billion USD, up 16.8%; imports reached 85.2 billion USD, up 14.1%.