Economic outlook forecast

Vietnam’s GDP in the first nine months of this year rises by 4.24% year-on-year. (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product (GDP) in the first nine months of this year rose by 4.24% from the same period last year, the General Statistics Office (GSO) announced on September 29. In the third quarter, the country's economic growth rate was estimated at 5.33% compared to the same quarter of 2022. The GSO assessed that although the nine-month growth rate is only higher than those in the same period of 2020 and 2021 in the past 12 years, it showed a positive trend of increasing gradually over the quarters: 3.28% in the first quarter, 4.05% in the second quarter and 5.33% in the third quarter. In the January-September period, the agro-forestry-fishery sector expanded by 3.72%, contributing 8.03% to the total added value of the entire economy. The growth rates of the industrial and construction sector and the service industry were 5.19% and 6.24% with … [Read more...] about Vietnam’s nine-month GDP increases by 4.24%

A foreign-invested footwear material factory in Thuan An city, Binh Duong province (Photo: VNA) Hanoi (VNA) – Many foreign press agencies have run articles featuring Vietnam’s economic growth, pointing to rosy signs in its recovery. French wire service AFP cited statistics by the General Statistics Office (GSO) showing the economy grew 5.33% in the July-September period from a year earlier, and that loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact. Nikkei Asia also said the growth was accelerated thanks to tourism, noting “the services sector helped boost economic output during the three months through September, driven mainly by retail and tourism. The sector is estimated to account for about 40% of Vietnam's GDP.” “Travelers returned to popular destinations like the central city of Da Nang, with the number of foreign visitors entering the country from July to August reaching 2.25 million, already … [Read more...] about Foreign media upbeat about Vietnam’s economy

The formulation of capital planning is an integral component of Hanoi's endeavors to achieve its developmental goals by 2030, with a forward-looking perspective reaching to 2045. Hanoi commits to transforming into a globally interconnected metropolis by 2045, serving as the country's visage, said Deputy Secretary of the Hanoi Party Committee Nguyen Van Phong at a scientific conference on the Hanoi Planning Orientation for 2021-2030 , with a vision to 2050, held today [September 29]. Overview of the conference. Photos: Thanh Hai/The Hanoi Times Phong said the city's goal is not merely to vie for supremacy with other provinces and cities in the country but to position itself globally, comparable to countries in Asia and the world. During the conference, Deputy Chairman of the Hanoi People's Committee Ha Minh Hai said that the formulation of the capital planning for the 2021-2030 period, with a vision to 2050, is an integral component of Hanoi's endeavors to … [Read more...] about Hanoi aspires to become a global city

A customer shops at MM Mega Market An Phú's food wholesale and distribution centre in Thủ Đức District in HCM City. In the first nine months of 2023, CPI increased by 3.16 per cent over the same period last year; core inflation rose by 4.49 per cent. — VNA/VNS Photo Mỹ Phương Việt Nam’s gross domestic product (GDP) expanded by 4.24 per cent in the first nine months of this year, the General Statistics Office (GSO) said on Friday. The expansion is nearly the lowest 9-month GDP growth in 13 years, only higher than the same period of 2020 and 2021, which recorded growth rates of 2.19 per cent and 1.57 per cent respectively. In Q3 alone, GDP posted a year-on-year rise of 5.33 per cent, also nearly the lowest third-quarter GDP growth in 13 years, only higher than the same quarters of 2020 and 2021. The information was released at a conference held on Friday in Hà Nội by the GSO. In Q3, the agro-forestry-fishery sector grew by 3.72 per cent, contributing 8.03 per cent to the … [Read more...] about Việt Nam’s economy grows 4.24 per cent in nine months of 2023

Vietnam's gross domestic product growth accelerated in the third quarter from the previous three months, data showed on Friday, but fell short of this year's growth target as dull demand for exports overshadowed support from monetary easing. GDP in the July-September quarter is expected to have grown 5.33% from a year earlier, faster than the 4.05% expansion in the second quarter, the General Statistics Office said in a report on Friday. Capital Economics said the worst for Vietnam's economy was over but growth remained subdued by past standards. With inflation becoming a growing concern, however, it did not expect a further rate cut from the central bank. The third-quarter figure was much slower than growth of 13.71% in the same period of 2022, when its manufacturing-led economy managed a post-pandemic pickup following a 6% quarterly contraction in 2021. Factory powerhouse Vietnam is targeting growth of 6.5% this year, down from 8.02% last year, but most economists expect … [Read more...] about Vietnam sees Q3 GDP growth capped by weak external demand