The report said that Vietnam’s GDP in Q1 grew by 5% against last year thanks to the export-based processing and manufacturing industry plus the recovering service.

According to the World Bank, the number of recorded COVID-19 infections and deaths began to decrease in March, so Vietnam's economy has many positive signals including the industrial production index and the total retail sales of goods.

The industrial production index grew 8.5% in March, equivalent to the pre-pandemic level, attributed to the recovery of the domestic demand and firm demand from the foreign economic sector. The most dynamic sectors including machinery, equipment, electronics, apparel, footwear, and beverages, all posted double-digit growth rates.

Exports and imports also increased by 14.8% and 14.6% respectively against last year of which, export turnover of textiles, footwear, leather and computers and electronics grew 13.9% and 13.5% in March.

Another highlight, the World Bank said, is that the registered FDI capital reached 3.9 billion USD last month, up 35.2% against the previous month, showing that Vietnam remains an attractive destination for FDI inflows. Two-thirds of the total registered capital is made by new businesses, including a toy factory project worth 1.3 billion USD.