Vietnam’s total economic output increased 4.89% in the first three months of 2013, according to the Ministry of Planning and Investment (MPI).

A breakdown of economic sectors shows that the agro-forestry and seafood sector rose 2.24%, industry and construction grew 4.93% and services picked up 5.65%.

Although growth in the first quarter of 2013 was higher than the 4.75% posted in the same period last year, Vietnam’s economy is still struggling with bad debt and high inventory levels, said the MPI.

The MPI reported that 15,707 new enterprises were established in the first quarter with total registered capital of VND79.3 trillion (US$3.8 billion).

This is a 6.8% drop in the number of new enterprises and a 16.1% decrease in capital compared to the same period in 2012.

Last year, Vietnam’s economy grew 5.03% and inflation rose 6.81%.

Source: http://en.nhandan.org.vn