Vietnam's total social investment up 3.7% in first quarter

ABO/NDO- The total social investment capital during the January-March period reached 583.1 trillion VND (24.8 billion USD), up 3.7% over the same period last year, according to the General Statistics Office (GSO).

Capital invested by the state was estimated at 153 trillion VND, up 11.5% and accounting for 26.2% of the total figure, while private investment rose 1.8% to 328.6 trillion VND, accounting for 56.4%.

A section of Ho Chi Minh City's Ben Thanh-Suoi Tien metro line.

Investment from the foreign sector fell 1.1% to 101.5 trillion VND, equivalent to 17.4% of the total capital.
According to the GSO, the 3.7% growth rate reflected a slowdown in business activity due to various adverse impacts, including global inflation and monetary tightening in many countries.

However, the 11.5% increase in public investment demonstrated the efforts of the government, ministries, and localities in boosting economic growth with public funding.

In the January-March period, foreign direct investment pledges to Vietnam plunged 38.8% year on year to 5.45 billion USD, while Vietnam’s overseas investment fell 43.5% to 119.5 million USD.

Total budget revenue in the first quarter was estimated at 491.5 trillion (20.9 billion USD), up 1.3% and equivalent to 30.3% of the full-year target.

Spending during the period rose 7.2% to 363.4 trillion VND (15.47 billion USD).

(Source: NDO)