Vietnam posts 7.4% GDP growth in Q3

GSO General Director Nguyen Thi Huong said 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.

Thanks to that, the GDP grew by an estimated 7.4% in Q3 from a year earlier. In particular, the agro-forestry-fisheries sector increased 2.58% to contribute 4.08% to the overall growth. The industry - construction sector rose 9.11% to contribute 48.88%. Notably, the processing - manufacturing industry was a bright spot of the economy, with a growth rate of 11.41% - the highest Q3 figure in six years. Meanwhile, the service sector went up 7.51%, contributing 47.04% to the economic growth.

During the first nine months, the economy expanded by some 6.82% year on year, with the agro-forestry-fisheries sector up 3.2% to make a 5.37% contribution, industry and construction up 8.19% to contribute 46.22%, and the service sector up 6.95% to contribute 48.41% to the overall growth.

The GSO pointed out that the 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

Regarding the economic structure between January and September, 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%.

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.