GDP in Q3 hits 11-year record high of 13.67%
Vietnam’s gross domestic product (GDP) growth in the third quarter of the year recorded a sharp rise of 13.67% year-on-year, raising its nine-month GDP growth rate to 8.83%, the highest figure over the past 11 years, the General Statistics Office (GSO) unveiled on September 29.
Both of the rates are the highest in more than a decade, showing that the domestic economy is continuing its strong recovery momentum.
"Production and business activities gradually regained growth momentum as the Government's socio-economic recovery and development policies have been brought into full play,” said Nguyen Thi Huong, general director of the GSO.
It’s worth remembering that the national GDP suffered a 6.2% contraction in the third quarter of 2021 when the COVID-19 outbreak reached its peak, a factor which seriously impacted local firms’ production and business activities.
According to the GSO, the agro-forestry-fishery sector increased by 3.24%, industry and construction rose by 12.91%, and services expanded by 18.86%.
The added value of the entire industrial sector during the past nine months stood at roughly 9.63%, while total retail sales of consumer goods and services was estimated at VND4.1 trillion, up 21% year on year.
Disbursed social investment capital was at VND2.1 trillion, up 12.5% year on year, while the capital of the State, non-State, and FDI sectors inched up 16.1%, 10%, and 16.3%, respectively.
Moreover, the export turnover of goods in the third quarter is thought to be at VND96.5 billion, bringing the nine-month export revenue to US$282.52 billion, up 17.3%.
Meanwhile, the nine-month import turnover rose 13% year on year to US$276 billion, including US$90.7 billion in the third quarter.
During the past nine months, Vietnam enjoyed a trade surplus of approximately US$6.52 billion, a big leapfrog compared to a trade deficit of US$3.44 billion the country slipped into in the same period last year.
The consumer price index (CPI) in September edged up by 0.4% compared to the previous month, with this being largely down to the rise in the price of essential consumer goods and services, along with high input material costs and the increase in tuition fees in the new academic year in some localities.
The average CPI in the third quarter went up 3.32% compared to last year’s corresponding period, while nine-month CPI picked up by 2.73% year on year with core inflation rising by 1.88%.
