Vietnam GDP growth highest in seven years

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Ho Chi Minh Mausoleum Hanoi © Arno Maierbrugger

Vietnam’s economic growth in the third quarter was the highest in seven years, though overall inflation also started inching up in August and continued throughout September after a sharp decline since the start of the year, the Vietnam Institute for Economic and Policy Research (VEPR) found in a new analysis of the country’s rapidly expanding economy. 

According to Nguyen Duc Thanh, VEPR director, quarterly growth for the third quarter gross domestic product was 7.46 per cent, an improvement of 0.27 percentage points from the second quarter, with a forecast of 7.12 per cent for the fourth quarter, bringing the expected annual growth rate to 6.64 per cent.

In particular, the agricultural and service sectors have improved their performance, with construction and manufacturing industries growing 12.77 per cent quarter on quarter. Other industrial productivity indicators were also positive.

In the fourth quarter, consumer demand and investment demand is expected to increase sharply as the pace of construction investment disbursement is accelerated. At the same time, exports will likely continue to rise sharply due to favourable developments in the world economy, as well as global trade growth.

Meanwhile, with food price recovery, credit growth and disbursement pressure, as well as upward adjustment in electricity and public service prices, the fourth quarter inflation rate will mostly likely increase to 4.16 per cent, exceeding the annual target rate of 4 per cent.

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Reading Time: 1 minute

Ho Chi Minh Mausoleum Hanoi © Arno Maierbrugger

Vietnam’s economic growth in the third quarter was the highest in seven years, though overall inflation also started inching up in August and continued throughout September after a sharp decline since the start of the year, the Vietnam Institute for Economic and Policy Research (VEPR) found in a new analysis of the country’s rapidly expanding economy. 

Reading Time: 1 minute

Ho Chi Minh Mausoleum Hanoi © Arno Maierbrugger

Vietnam’s economic growth in the third quarter was the highest in seven years, though overall inflation also started inching up in August and continued throughout September after a sharp decline since the start of the year, the Vietnam Institute for Economic and Policy Research (VEPR) found in a new analysis of the country’s rapidly expanding economy. 

According to Nguyen Duc Thanh, VEPR director, quarterly growth for the third quarter gross domestic product was 7.46 per cent, an improvement of 0.27 percentage points from the second quarter, with a forecast of 7.12 per cent for the fourth quarter, bringing the expected annual growth rate to 6.64 per cent.

In particular, the agricultural and service sectors have improved their performance, with construction and manufacturing industries growing 12.77 per cent quarter on quarter. Other industrial productivity indicators were also positive.

In the fourth quarter, consumer demand and investment demand is expected to increase sharply as the pace of construction investment disbursement is accelerated. At the same time, exports will likely continue to rise sharply due to favourable developments in the world economy, as well as global trade growth.

Meanwhile, with food price recovery, credit growth and disbursement pressure, as well as upward adjustment in electricity and public service prices, the fourth quarter inflation rate will mostly likely increase to 4.16 per cent, exceeding the annual target rate of 4 per cent.

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