Vietnam economy blasts off with 7.3% growth in third quarter

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Vietnam Economy Blasts Off With 7.3% In Third Quarter

Vietnam’s economic growth quickened in the third quarter, underpinned by solid growth in exports and manufacturing, the General Statistics Office in Hanoi said on September 28, Bloomberg News noted.

Gross domestic product rose 7.31 per cent from a year earlier, up from a revised 6.73 per cent in the second quarter. That compared to a median estimate of 6.7 per cent in a Bloomberg survey of four economists. The economy expanded 6.98 per cent in the nine months through September from a year earlier, data from the statistics office showed.

“Manufacturing is the main driver of economic growth in the first nine months of the year, followed by services,” Nguyen Bich Lam, the statistics office’s head said.

Vietnam could end the year with an inflation rate of less than three per cent, lower than the government’s four-per cent target as food prices remain stable, said Do Thi Ngoc, head of the consumer prices department at the statistics office.

Vietnam – besides Malaysia – has so far outperformed regional economic growth in Southeast Asia which is forecast to ease to 4.5 per cent this year from 5.1 per cent in 2018, before stabilising at the same rate of 4.5 per cent in 2020, UK-based advisory firm Oxford Economics said on September 19.

Among the regional laggards are Thailand, whose GDP growth was a meagre 2.6 per cent in the first half of the year, as well as Singapore which has a full-year forecast of just 0.7 per cent GDP growth and Brunei with a negative growth of 0.5 percent in the first quarter of 2019 year-on-year as per latest available figures from the country’s finance ministry.

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Vietnam’s economic growth quickened in the third quarter, underpinned by solid growth in exports and manufacturing, the General Statistics Office in Hanoi said on September 28, Bloomberg News noted. Gross domestic product rose 7.31 per cent from a year earlier, up from a revised 6.73 per cent in the second quarter. That compared to a median estimate of 6.7 per cent in a Bloomberg survey of four economists. The economy expanded 6.98 per cent in the nine months through September from a year earlier, data from the statistics office showed. “Manufacturing is the main driver of economic growth in the...

Reading Time: 1 minute

Vietnam Economy Blasts Off With 7.3% In Third Quarter

Vietnam’s economic growth quickened in the third quarter, underpinned by solid growth in exports and manufacturing, the General Statistics Office in Hanoi said on September 28, Bloomberg News noted.

Gross domestic product rose 7.31 per cent from a year earlier, up from a revised 6.73 per cent in the second quarter. That compared to a median estimate of 6.7 per cent in a Bloomberg survey of four economists. The economy expanded 6.98 per cent in the nine months through September from a year earlier, data from the statistics office showed.

“Manufacturing is the main driver of economic growth in the first nine months of the year, followed by services,” Nguyen Bich Lam, the statistics office’s head said.

Vietnam could end the year with an inflation rate of less than three per cent, lower than the government’s four-per cent target as food prices remain stable, said Do Thi Ngoc, head of the consumer prices department at the statistics office.

Vietnam – besides Malaysia – has so far outperformed regional economic growth in Southeast Asia which is forecast to ease to 4.5 per cent this year from 5.1 per cent in 2018, before stabilising at the same rate of 4.5 per cent in 2020, UK-based advisory firm Oxford Economics said on September 19.

Among the regional laggards are Thailand, whose GDP growth was a meagre 2.6 per cent in the first half of the year, as well as Singapore which has a full-year forecast of just 0.7 per cent GDP growth and Brunei with a negative growth of 0.5 percent in the first quarter of 2019 year-on-year as per latest available figures from the country’s finance ministry.

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