Vietnam's GDP expanded 7.40 percent year-on-year in the third quarter of this year, accelerating from an upwardly revised growth of 7.09 percent in the second quarter and the largest annual growth since the third quarter of 2022.
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The third quarter of this year was the twelfth consecutive quarter of annual growth. All this despite the fact that in September the country was hit by the worst hurricane in seven decades, paralyzing many economic sectors.
In the first three quarters of the year, the economy expanded by 6.82 percent. The government has set an economic growth target of between 6.8 and 7.0 percent for this year.
Vietnam's industrial production grew 10.8 percent year-on-year in September, sharper than the previous month's downwardly revised increase of 8.4 percent. This was the seventh consecutive month in which industrial production expanded, despite the severe damage caused by the hurricane in parts of the country.
Production grew fastest in the manufacturing sector, at 13.1 percent, compared to 10.6 percent in August. At the same time, the growth rate of electricity and gas supplies slowed to 6.4% compared to 8.9% in the previous month. In the first nine months of the year, industrial production rose by 8.6 percent.
In Vietnam, retail sales rose 7.6% year-on-year in September, after a 7.9% increase in the previous month. Retail sales rose for the 34th straight month in September, but at the weakest pace since October 2023, reflecting the impact of the hurricane that struck the country earlier in the month. From January to September, retail sales rose 8.8 percent.
