Vietnam’s GDP rises by 13.7% in the third quarter, supported by stronger exports...

Vietnam’s GDP rises by 13.7% in the third quarter, supported by stronger exports

Vietnam’s GDP rises by 13.7% in the third quarter, supported by stronger exports

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Vietnam’s economy expanded by 13.7% year on year in the third quarter, supported by stronger exports, and a low base effect, official 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 by 18.86%, while the agricultural sector grew by 3.24%.

"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.

Exports in the first nine months of 2022 rose 17.3% from a year earlier to $282.52 billion, while industrial production was up 9.6%, according to the GSO.

The US was Vietnam’s largest export market in the first nine months of this year with an estimated turnover of $86.3 billion, while China was the country’s largest import market with a projected turnover of $91.6 billion.

In the first nine months of 2022, Vietnam posted a trade surplus of $6.52 billion, reversing the trade deficit of $3.44 billion in the same period of last year. During the same period, Vietnam’s GDP expanded by 8.83% year on year, which is the highest growth rate for a nine-month period since 2011.

The World Bank earlier on 27 September upgraded its year-on-year GDP growth forecast for Vietnam to 7.2% from a previous estimate of 5.3% in April, placing it as the top performing economy in the Asia-Pacific.

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