Vietnam’s economic growth slowed in the first quarter of the year, reflecting mounting pressure from higher fuel prices.
The country’s gross domestic product (GDP) expanded by 7.83 percent in the January–March period, down from 8.46 percent growth recorded in the previous quarter, according to the National Statistics Office.
Although Vietnam continues to rank among the world’s faster-growing economies, the moderation highlights the strain rising energy costs are placing on both consumers and businesses, reports Al Jazeera .
Like other Asian economies dependent on fossil fuels, Vietnam has been significantly affected by the impact of Iran’s effective closure of the Strait of Hormuz, a key route that typically handles about one-fifth of global oil supplies.
The Southeast Asian nation imports around 85 percent of its crude oil from the Middle East, with nearly all of it sourced from Kuwait.