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| In the first quarter of the year, Ho Chi Minh City's GRDP grew by 7.51% - the highest rate for the same period in 5 years. Photo: Duc Thanh |
A favorable start
One after another, numerous localities have begun to release statistics on the socio -economic situation in the first quarter of 2025. A fairly consistent point is that the economy in the first quarter of 2025 showed quite positive growth in many localities across the country.
Of these, Bac Giang is the most noteworthy. Continuing its strong growth momentum from last year, with a GRDP growth rate of 13.85% for the whole year of 2024 - ranking first nationwide, Bac Giang maintained its "champion" position in the first quarter of 2025, with a GRDP growth rate of 14.02%.
Bac Giang is one of the leading localities nationwide in implementing "growth-based targets". In 2025, the Government assigned Bac Giang the task of achieving a growth rate of 13.6%. However, the province is striving to achieve a higher rate, around 14-15%.
According to the proposed scenario, in order to achieve a GRDP growth rate of 13.6% for the whole year, Bac Giang must achieve a growth rate of 13% in the first quarter of 2025. The corresponding figures for the second, third, and fourth quarters are 12.7%, 14.1%, and 14.3%, respectively. Looking at this scenario, Bac Giang has already exceeded expectations in the first quarter, creating a favorable momentum for the whole year to surpass the target set by the Government.
Similarly, many other localities across the country also achieved GRDP growth exceeding the set targets. Quang Ninh is one example.
According to data recently released by the Quang Ninh Provincial Statistics Office, in the first quarter of 2025, the province's GRDP growth reached 10.91%, ranking 7th nationwide. Quang Ninh is also one of the localities determined to achieve higher growth than the "growth target" assigned by the Government (14% compared to 12% - PV). The scenario that Quang Ninh developed projected a growth rate of 10.5% in the first quarter, but the actual result reached 10.91%.
"These are very positive results," said Vu Dai Thang, Secretary of the Quang Ninh Provincial Party Committee, at a meeting of the Standing Committee of the Quang Ninh Provincial Party Committee, discussing the socio-economic development situation in the first quarter and key tasks and solutions for the second quarter of 2025.
According to Party Secretary Vu Dai Thang, all levels and sectors in Quang Ninh must make greater efforts, strengthen discipline, boost investment attraction, and accelerate the disbursement of public investment... in order to achieve the set growth target for the whole year.
Among the localities achieving high GRDP growth in the first quarter of 2025, Da Nang can also be considered a prime example. In the first quarter, this locality achieved a growth rate of 11.36%. Ho Chi Minh City also achieved a fairly high growth rate, with 7.51%. According to the Ho Chi Minh City Department of Finance, this is the highest GRDP growth rate compared to the same period of the first quarter in the last 5 years. Specifically, in the first quarter of the years from 2020 onwards, the GRDP growth of Ho Chi Minh City reached 0.42%; 4.58%; 1.88%; 0.7%; 6.54% and 7.51% respectively.
The fact that the leading economic hub achieved relatively high growth in the first quarter of the year is expected to have a positive impact on the country's GDP growth. Ho Chi Minh City currently accounts for approximately 15.4% of the national GDP.
Apart from the aforementioned localities, the overall GRDP growth picture for the whole country is quite positive, with Hoa Binh's GRDP growth reaching 12.76%; Nam Dinh's at 11.86%, and so on.
Anticipating risks, accelerating economic growth.
The relatively high GRDP growth in some localities has raised expectations that the national GDP growth will also be quite positive in the first quarter of 2025. However, the official figures will only be available in the next few days.
In mid-March 2025, United Overseas Bank (UOB) projected that Vietnam's GDP growth could reach 7.1%. Based on the economic performance over the past three months, it is hoped that Vietnam's GDP growth could exceed 7% in the first quarter, laying the groundwork for higher growth in the coming quarters, bringing the annual growth rate to over 8%, as targeted.
A positive development is that, according to the latest report from S&P Global, Vietnam's manufacturing Purchasing Managers' Index (PMI) returned to the 50-point mark in March 2025. Specifically, Vietnam's PMI reached 50.5 points in March, a slight increase from 49.2 points in February, indicating an improvement in the health of Vietnam's manufacturing sector. Both production and total new orders have also rebounded.
In the first quarter of 2025, Bac Giang maintained its leading position, with a GRDP growth rate of 14.02%. 
“Vietnam’s manufacturing sector started to pick up momentum in March as output and new orders increased for the first time in 2025 so far,” commented Andrew Harker, Chief Economist at S&P Global Market Intelligence, expressing hope that companies will be able to continue to be more successful in the coming months based on these improvements.
This is a positive sign. However, new risks and difficulties are emerging for the Vietnamese economy in particular, and the global economy in general, as the administration of President Donald Trump has just decided to impose retaliatory tariffs on a number of economies. Among them, Vietnam is subject to a tariff rate of up to 46%, a very high rate.
This information immediately impacted the global economy, manifested by a rise in gold prices and a decline in global stock markets. Anxiety permeated the markets. For Vietnam, while the extent of the impact on economic growth cannot yet be quantified, the negative effects are certainly significant.
The US is currently Vietnam's largest export market. Computers and components, machinery, equipment, and textiles are among Vietnam's biggest exports to the US.
The increased tariffs will significantly impact Vietnam's exports to the US, which in turn will affect domestic production and economic growth.
According to reports, when announcing the retaliatory tariff policy, US President Donald Trump also emphasized that countries wishing to be exempt from the US retaliatory tariff policy need to change their trade policies.
Anticipating risks and responding with timely policies is how Vietnam can minimize damage and maintain the positive growth momentum of its goods trade with the US in particular and the global market in general. This is a crucial driver of economic growth.
In addition, to boost growth, the solution remains to accelerate the disbursement of public investment, remove obstacles to production and business, and stimulate domestic market demand…
In recent directives regarding solutions to boost economic growth, Minister of Finance Nguyen Van Thang also emphasized the need to continue institutional reforms, remove obstacles for projects to free up resources for the economy, as well as promote private investment and strongly boost new growth drivers…
Source: https://baodautu.vn/buoc-da-thuan-loi-cho-nen-kinh-te-d261923.html
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