Vietnam economy slows on rising costs, weaker exports

HANOI, Vietnam (AP) — Vietnam says its economy slowed sharply in the first quarter of this year, hit by rising costs and weaker demand for its exports. The General Statistics Office reported that the economy expanded at a 3.32% annual pace in January-March, down from 5.9% in the last quarter of 2022. That was much lower than expected. The report said the slowdown was nearly as severe as that during the beginning of the pandemic and the second lowest for the first quarter in 12 years. Vietnam has been one of the most dynamic economies in Asia in recent years, buoyed by strong foreign investment in manufacturing of electronics and other light industries.