AsemconnectVietnam - Vietnam's gross domestic product (GDP) increased by about 7.4% in the third quarter of this year and increased by 6.82% during the first nine months of 2024 compared to the respective periods of last year, according to a report of the General Statistics Office (GSO).

Ms. Nguyen Thi Huong, General Director of the GSO said that Typhoon Yagi, which hit Vietnam in early September, took a heavy toll on human lives, property, socio-economic development, and agro-forestry-fishery production in the northern region. Facing that fact, the country has exerted efforts to address natural disasters’ consequences, stabilise people’s life, bolster production and business activities, maintain macro-economic stability, and fuel economic growth.
So in the third quarter of this year, the country’s GDP increased by 7.4% year – on - year. In particular, the agro-forestry-fisheries sector increased 2.58% to contribute 4.08% to the overall growth. The industry - construction sector increased by 9.11% to contribute 48.88%. Especially, the processing - manufacturing industry was a bright spot of the economy, which saw a growth rate of 11.41% - the highest Q3 figure in six years. Meanwhile, the service sector saw growth of 7.51%, contributing 47.04% to the economic growth.
In the first nine months of this year, Vietnam’s economy grew by 6.82% year on year. In the period, the agro-forestry-fisheries sector increased by 3.2% and contributed 5.37% to the overall growth, while the industry and construction increased by 8.19%, contributed 46.22%, and the service sector increased by 6.95%, contributed 48.41% to the overall growth.
According to the GSO, Vietnam’s agro-forestry-fisheries was hit hard by Typhoon Yagi in September, leading to lower nine-month growth compared to the same period of previous years
In the first nine months of this year, the agro-forestry-fisheries sector accounted for 11.64% of the economy, industry and construction 37.1%, service 42.8%, and product taxes less subsidies on products 8.46%. The respective figures in the same period of 2023 were 11.8%, 36.98%, 42.61%, and 8.61%.
Ms Huong said a positive trend continued to be seen in the socio-economic situation in Q3 and the first nine months of 2024, with sectors obtaining many important results, creating growth momentum for the remaining months of the year.
Vietnam aim to get 7% GDP growth in 2024
The Ministry of Planning and Investment said that, many economic indicators have surpassed the NA’s goals despite domestic and global unpredictable developments.
According to the Ministry of Planning and Investment, Vietnam’s gross domestic product (GDP) growth is estimated at 6.8-7% in 2024, exceeding forecasts from international organisations.
To date, the agro-forestry-fishery and service sectors have maintained sound growth momentum, while industrial production has bounce back robustly, serving as an important motive for the economic expansion. The average consumer price index (CPI) in the first eight months of this year was 4.04%, and the figure is expected to grow under 4.5% for the whole year 2024.
Besides, the country also enjoyed rosy growth in trade value, retail sales and services revenue as well as production, business and investment activities.
According to the Deputy Minister of Industry and Trade Tran Quoc Phuong, FDI attraction as the brightest spot in the Vietnamese economy, with total registered capital during the first eight months of the year rising 6.2% year-on-year to nearly 19.3 billion USD and disbursed amount increasing 3.4% to 13.55 billion USD, the highest since 2021, adding they are a vivid demonstration for the foreign investors’ confidence in the Vietnamese market, seeing it a safe and attractive destination.
Mr. Phuong also pointed out several factors that have driven the economic growth, including breakthroughs in the development of infrastructure in the areas of transport and digital transformation as well as the Government’s efforts to complete institutions and regulations.
He also said thatchallenges lurk in the nation’s development such as macroeconomic risks, low credit growth and great pressure of maturing corporate bonds.
He highlighted that local firms have encountered difficulties due to increasing pressure from anti-dumping and origin fraud investigations and requirements related to environment, sustainable development and green transition.
For the remainder of the year, the Government will prioritise promoting growth in tandem with maintaining stable macroeconomy, curb inflation and ensure major balances of the economy, he stressed, adding it will continue removing bottlenecks for enterprises by reviewing and completing institutions and policies, while pushing ahead the disbursement of public capital and the implementation of national target programmes.
CK
Source: VITIC/vietnamplus.vn