Vietnam's GDP grows 7.4% in Q3

By Phuong Dung October 6, 2024 | 12:12 am PT

Employees work at a garment factory in Da Nang City, June 2024. Photo by VnExpress/Nguyen Dong

Vietnam's GDP expanded by 7.4% year-on-year in the third quarter, second highest in the last five years, according to the General Statistics Office.

In the first nine months the economy grew 6.82%, higher than the Covid-19 affected years of 2020 and 2021 but lower than 2022.

The industrial, construction, and services sectors continued to hold the largest proportion of the economy, growing 8.34% compared to the first nine months last year.

Services grew by 6.95% thanks to trade and tourism sustaining growth.

Manufacturing and processing industry added 9.76%.

The agriculture, forestry, and fisheries sectors, however, were severely affected by typhoon Yagi in September. They posted the slowest combined growth in four years at 3.2%.

Consumer Price Index, which measures inflation, increased by 3.88%.

Exports increased by 15.68% and the country posted a trade surplus of $20.8 billion, lower than the $22.1 billion recorded in the same period last year.

More than 183,000 new and reactivated businesses were registered, an increase of 9.7%.

During the period, 163,800 businesses shut down, up 21.5%.