First-quarter growth was up from 7.07% last year after strong gains in industrial production, construction and services during the Tet festive season.

“Vietnam’s socio-economic performance in the first quarter of 2026 recorded positive results amid ongoing global uncertainties and challenges,” the General Statistics Office (GSO) said in a statement.

It said the conflict in the Middle East “triggered sharp energy price volatility, disrupted supply chains, and intensified inflationary pressures”.

Exports from the Southeast Asian manufacturing hub to the US jumped 24.2% year-on-year to US$33.9 billion, the GSO said.

Overall exports rose 19.1% to US$122.93 billion from the first quarter in 2025, while imports climbed 27% to US$126.57 billion.

China was Vietnam’s largest source of imports, the statistics office said.

Vietnam’s deputy minister of industry and trade Nguyen Sinh Nhat Tan said “domestic fuel supply is currently sufficient to meet production and consumption needs through the end of April 2026,” according to the government’s website.

GSO director Nguyen Thi Huong said Vietnam faced “numerous difficulties and challenges, particularly as the country’s highly open economy is exposed to overlapping impacts from global economic headwinds” as it enters the second quarter.

Vietnam hiked fuel prices again this week, bringing the cost of diesel to 44,780 dong (US$1.70) per litre – up more than 140% since late February.

The price of regular gasoline was up more than 28% to 26,970 dong (US$1.02) per litre.

Hanoi has dipped into an emergency fuel price stabilisation fund and scrapped environmental taxes to ease pressure on fuel prices.

Vietnam aims to grow its economy by at least 10% this year and is seeking “middle-income country” status by 2030.