GDP growth hits 12-year high

By Duc Minh   September 28, 2022 | 08:57 pm PT
GDP growth hits 12-year high
Farmers harvest rice in Lao Cai Province on September 26, 2022. Photo by VnExpress/Giang Huy
Vietnam’s economy grew by 8.83% in the first nine months, the highest for the period since 2011-2022, thanks to a 13.67% surge in the third quarter.

Manufacturing grew by 10.69%, and retail and services by 21%.

Foreign investors continued to make a beeline for Vietnam, and FDI rose by 16.3% to US$15.4 billion.

Trade was up 15.1% to $558.52 billion, with Vietnam recording a surplus of $6.52 billion.

New and reopening businesses increased by 38.6% to 163,300.

But the number of closures went up by 24.8% to 112,700.

Vietnam is set to lead GDP growth among major economies in the Asia Pacific at 7.2% this year, the World Bank forecasts.

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