Vietnam's GDP expands 4.24% in 9 months

By Duc Minh   September 28, 2023 | 08:13 pm PT
Vietnam's GDP grew by 4.24% in the first nine months, lower than the 8.85% recorded in the same period last year, according to the General Statistics Office.

GDP in the July-September quarter is expected to have grown 5.33% from a year earlier, faster than an expansion of 4.05% in the second quarter.

Services grew 6.32%, while industry and construction rose only 1.65%, lowest in the 2011-2023 period.

Manufacturing went up 1.98%, also lowest in the period.

Vietnam recorded a trade surplus of $21.68 billion, tripling year-on-year. Exports, exports fell 8.2% to $259.67 billion, while imports were down 13.8% to $237.99 billion.

Standard Chartered in a note last week said an economic recovery remained tentative and manufacturing could stay lacklustre for some time, while an improvement in foreign investment prospects was unclear.

"With the economic recovery starting to gain momentum, there should be less need for monetary policy support," Reuters quoted its economist Tim Leelahaphan as saying.

The International Monetary Fund on Wednesday forecast Vietnam's growth this year at 4.7%, while the Asian Development Bank this month cut its forecast to growth of 5.8% from 6.5% predicted in April, though still the fastest-growing country in Southeast Asia.

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