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Vietnam’s Q3 GDP expands 13.67% y-o-y

The Saigon Times

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HCMC – Vietnam’s gross domestic product (GDP) in the third quarter of the year is forecast to grow a staggering 13.67% versus the year-ago period, according to data of the General Statistics Office.

The country has such a phenomenal GDP growth rate in this period as its economy in the third quarter of last year almost came to a standstill due to social distancing and lockdowns in the fourth wave of Covid-19 infections.

Speaking at a news conference yesterday, September 29, on the nation’s economic performance in quarter three and the first nine months of the year, Nguyen Thi Huong, head of the GSO, said GDP in the January-September period was projected to expand 8.83% year-on-year, the highest nine-month growth rate since 2011.

Industry and construction, processing and manufacturing have been key growth drivers this year.

Retail sales of goods and services in the year to date have also shot up 21% year-on-year, the GSO said, adding foreign direct investment (FDI) has improved a significant 16.3% against the year-ago period at US$15.4 billion.

The nine-month period has seen foreign trade expanding a sharp 15.1% year-on-year to US$558.5 billion, and bringing a trade surplus of US$6.52 billion.

There have been 163,300 businesses either newly set up or resuming operations in January-September, up 38.6% year-on-year, and their registered capital is VND3,900 trillion, up 36%. But 112,700 enterprises have pulled out of the market, up 24.8%.

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