Vietnam’s Economic Growth Accelerates in Third Quarter

Vietnam’s economic growth accelerated in the third quarter as exports and manufacturing began recovering from the pandemic-induced slump of the first half of the year.

Gross domestic product rose 2.62% from a year earlier, up from a revised 0.39% in the second quarter, the General Statistics Office said Tuesday. The median estimate in a Bloomberg survey of five economists was for growth of 2.7%.

“Improving industrial production with an impressive increase in manufacturing has been the main momentum for the country’s economic growth in the ‘new normal’ situation,” Nguyen Thi Huong, head of the statistics office, said at a briefing in Hanoi.

Other details from the report:

  • The economy grew 2.12% in the first nine months of the year compared to a year earlier, data from the statistics office showed
  • Exports surged 18% in September compared to a year earlier, compared to the 6.5% growth expected by economists. Imports rose 11.6%, versus estimates for 4.0% growth
  • For the first nine months of the year, exports rose 4.2% compared to the same period in 2019. Imports declined 0.8% during that time
  • Consumer prices rose 2.98% in September from a year earlier
  • Amid the global pandemic, 38,600 businessesshut down in the first nine months of the year, an increase of 81.8% from the same period in 2019

— With assistance by Nguyen Kieu Giang, and Mai Ngoc Chau

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