Jan-Sept GDP growth highest in 9 years

By Minh Son   September 28, 2019 | 01:17 am PT
Jan-Sept GDP growth highest in 9 years
A welder works in a cement plant in the northern Hai Duong Province. Photo by Shutterstock/Thi.
Vietnam posted its highest Jan-Sept GDP growth in nine years at 6.98 percent, with manufacturing and services sectors leading the way.

The main growth motivators were manufacturing (up 11.37 percent), retail (up 8.31 percent), finance and banking (up 8.19 percent), and logistics (up 7.82 percent), according to the General Statistics Office.

Services was the biggest component of the economy, 42.74 percent, followed by industry-construction, 33.98 percent.

Exports of domestic companies grew 16.4 percent, higher than that of foreign-invested companies at 5 percent. The country enjoyed trade surplus of $5.9 billion in the nine-month period.

Consumer price index (CPI) increased 2.5 percent, the lowest in the last three years. The government has set a target for CPI to increase by less than 4 percent this year.

The Asian Development Bank (ADB) has forecast Vietnam’s economy will expand at 6.8 percent this year, while the World Bank has it at 6.6 percent. The government targets growth of 6.6-6.8 percent.

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