Vietnam Q3 GDP growth up 13.67% y/y on rebound in manufacturing
Thursday, September 29, 2022, 10:27 GMT+7
Vietnam's gross domestic product grew 13.67% in the third quarter from a year earlier, the fastest pace in decades, boosted by robust manufacturing and exports, as well as a low base effect, government data showed on Thursday.
The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office (GSO) said in a report. Meanwhile, the services sector expanded 18.86%, while the agricultural sector grew by 3.24%.
Vietnam, a regional manufacturing hub, has seen its economy rebounding from the pandemic. The country's GDP contracted by more than 6% in the third quarter last year.
Exports in the first nine months of this year rose 17.3% from a year earlier to $282.52 billion, while industrial production was up 9.6%, according to the GSO.
"Business activities in the third quarter saw strong growth, especially compared with the same period last year when several parts of the country were under strict lockdown due to the pandemic," the GSO said in the report.
Vietnam, however, is facing upward pressure on inflation, prompting its central bank to increase its policy rates last week.
Consumer prices in September rose 4.01% from the end of last year, the GSO said.
The Southeast Asian country has set an official target for GDP growth of 6.0%-6.5% and containing inflation at 4% for this year.
