Vietnam Q3 GDP progress up 13.67% y/y on rebound in manufacturing By Reuters

HANOI (Reuters) – Vietnam’s gross home product grew 13.67% within the third quarter from a 12 months earlier, the quickest tempo in a long time, boosted by sturdy manufacturing and exports, in addition to a low base impact, authorities information confirmed on Thursday.

The commercial and building sector within the July-September interval grew 12.91% from a 12 months earlier, the Normal Statistics Workplace (GSO) mentioned in a report. In the meantime, the providers sector expanded 18.86%, whereas the agricultural sector grew by 3.24%.

Vietnam, a regional manufacturing hub, has seen its economic system rebounding from the pandemic. The nation’s GDP contracted by greater than 6% within the third quarter final 12 months.

Exports within the first 9 months of this 12 months rose 17.3% from a 12 months earlier to $282.52 billion, whereas industrial manufacturing was up 9.6%, in keeping with the GSO.

“Enterprise actions within the third quarter noticed sturdy progress, particularly in contrast with the identical interval final 12 months when a number of elements of the nation had been underneath strict lockdown because of the pandemic,” the GSO mentioned within the report.

Vietnam, nevertheless, is dealing with upward strain on inflation, prompting its central financial institution to extend its coverage charges final week.

Client costs in September rose 4.01% from the tip of final 12 months, the GSO mentioned.

The Southeast Asian nation has set an official goal for GDP progress of 6.0%-6.5% and containing inflation at 4% for this 12 months.