Vietnam’s nine-month GDP increases by 4.24%

Vietnam’s GDP in the first nine months of this year rises by 4.24% year-on-year. (Photo: 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 contribution proportions of 38.63% and 53.34%, respectively.

Illustrative image (Photo: VNA)

Amidst common difficulties and challenges of the world economy, most international organisations have revised down their forecasts of Vietnam’s growth rate for 2023 based on results and forecasts of domestic production and business activities and the impact of the world economy.

The Vietnamese Government and Prime Minister Pham Minh Chinh have directed ministries, sectors and localities to implement drastic measures to solve difficulties, promote growth, and maintain macro-economic stability and major balances of the economy./.