Vietnam's GDP Grows 7.83%, Down from Previous Quarter

Vietnam’s gross domestic product (GDP) grew 7.83% in the first quarter of 2026 year-on-year. This figure is lower than the 8.46% achieved in the fourth quarter of 2025. The growth remains higher than the 7.05% in the first quarter of 2025. The government had previously targeted a minimum economic growth of 10% for 2026. This target now faces pressure. The energy structure is a source of vulnerability. Data from Vietnam’s National Statistics Office shows that more than 80% of Vietnam’s crude oil needs still rely on imports from the Middle East. Disruptions in shipments due to the Iran war entering its sixth week have directly impacted domestic energy supplies and prices. Fuel prices have surged sharply. Data from energy distributor Petrolimex shows petrol prices rose 21%. Diesel prices jumped 84%. The government has responded with several policies. Fuel taxes have been cut. Energy subsidies have been rolled out through government funds. Authorities are also encouraging remote work to reduce energy consumption. Inflationary pressures are beginning to emerge. The consumer price index in March rose 4.65% year-on-year. The largest increase came from the transportation sector, which surged 10.81%. Trade performance still shows expansion. Export value in March reached $46.44 billion, or approximately Rp789.39 trillion. This figure rose 20.1% year-on-year. Industrial production grew 6.9% in the same period. Imports increased faster. Import value in March reached $47.11 billion, or approximately Rp800.78 trillion. This figure rose 27.8%. This situation triggered a monthly trade deficit of around $670 million, or approximately Rp11.38 trillion. That difference resulted in a trade deficit of $3.64 billion, or approximately Rp61.85 trillion. The government is beginning to seek alternative oil sources to mitigate supply risks. Several countries are targets, including suppliers in the Gulf region, Japan, and South Korea.