31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s 9-month GDP growth at a 12-year high
Ngoc Mai 16:01, 2022/09/29
The economy is on track to surpass the Government target of 6-6.5% this year.

Vietnam’s GDP growth in the third quarter of 2022 expanded by 13.67%, taking the country’s economic growth in the first nine months to 8.83%, the highest nine-month growth during the 2011-2022 period.

 Data: GSO. Chart: Hai Yen

General Director of the General Statistics Office (GSO) Nguyen Thi Huong gave the figures at a press conference held today [September 29].
This has exceeded the specialists' expectations, including a 10.8% GDP forecast from Standard Chartered or over 10% from VinaCapital.
According to Huong, such high growth is partly thanks to the low base from the same period of last year, when Vietnam’s economy shrank by 6.17% amid the Covid-19 outbreak.
“All business activities have now returned to normal operation and are on the way up, showcasing the effectiveness of the Government’s policies to support recovery,” Huong said.
During the period, agro-forestry-fishery expanded by 2.99%; the industrial and construction sectors grew by 9.44%, and services by 10.57%.
Huong noted the strong recovery in almost all economic sectors and localities, which was a sharp contrast to the third quarter of 2021 when major economic hubs in the southern region were forced to lockdown.
“Several sectors have recorded growth rate surpassing the pre-Covid-19 level, including manufacturing and processing, retail, and services,” Huong continued.
In the construction and industrial sectors, manufacturing and processing, seen as the economy's main driving force, recorded a 10.69% growth rate, while electricity production and distribution grew by 7.71%; water provision and waste treatment by 7.03%; and mining by 4.42%.
Meanwhile, revenue from total retail sales and services during the nine months also sharply increased by 21% year-on-year.
The disbursed foreign direct investment (FDI) in Vietnam rose 16.3% year-on-year to $15.4 billion, the highest nine-month figure since 2018.
Vietnam’s trade performance remains a highlight of the economy, with a turnover of $558.52 billion, up 15.1% year-on-year, in which exports rose by 17.3% and imports by 13%. This resulted in a trade surplus of $6.52 billion for the January-September period.
The solid economic recovery is also reflected in business creation, with over 163,300 businesses being registered or returned to operation during the nine months, up 38.6% year-on-year, injecting over VND3,900 trillion ($163.72 billion) into the economy, up 36%.
Given the positive economic performance, the Ministry of Planning and Investment (MPI) expected the GDP growth to surpass the 7% growth rate, 0.5 percentage points higher than the 6-6.5% growth target set by the National Assembly.

TAG: Vietnam GDP growth vietnam economic expansion vietnam gso
Other news
14:27, 2022/27/01
Vietnam exports one step closer to US$368-billion target
The country has posted a trade surplus of nearly $11 billion.
20:16, 2022/16/29
Vietnam to hold a 60-hour livestream shopping with numerous promotions
Online Friday will be the biggest online shopping day of the year, with the participation of numerous companies offering exclusive discounts of up to 100%.
16:05, 2022/05/29
Handicrafts: Key to socio-economic growth of Hanoi's district
The value of industrial and craft production amounted to VND11.3 trillion (US$456 million) in January-September, up 9.2% year-on-year.
18:14, 2022/14/27
Hanoi's tourism shows strong recovery since March 2022
Eight months after the reopening of international travel, Hanoi has seen substantial development in the tourism sector.
07:24, 2022/24/26
Embassy key to boosting the Vietnam-Philippines economic relations: National Assembly Chairman
National Assembly chairman Vuong Dinh Hue visited the Vietnamese Embassy in the Philippines during his tour of this country.
22:11, 2022/11/25
Vietnamese firm exports first electric cars to the US
VinFast, the car-making arm of Vietnam's private conglomerate Vingroup, today shipped 999 electric units to the US.