Vietnam Q1 growth slows as costlier Middle East energy tests 2026 target
Vietnam's economy grew 7.83% in the first quarter, slower than the previous quarter, due to rising energy costs and inflation. The country's annual growth target of at least 10% is under pressure due to its heavy reliance on Middle Eastern oil imports, which have been disrupted by the Iran war.
Vietnam's economy slowed in the first quarter due to rising energy costs and inflation. The country's GDP grew 7.83% from January to March, down from 8.46% in the previous quarter. Consumer prices rose 4.65% in March, driven by a surge in transport costs. Vietnam imports over 80% of its crude oil from the Middle East, where the Iran war has disrupted shipments. The government is seeking alternative oil sources and has implemented measures to cut costs. Despite challenges, Vietnam will retain its target of 10% growth this year.
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