, April 4 -- 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 ...