Vietnam’s 9-month GDP growth lowest in 10 years but remains bright spot in region

Vietnam’s GDP expanded 2.62% in the third quarter of this year, a significant surge against the 0.39% growth in the previous quarter, according to a report released by the General Statistics Office (GSO) on Tuesday.

The GSO said the country’s 9-month growth was 2.12%, the lowest rate over the past 10 years but still a bright spot in the regional economy thanks to COVID-19 control. The World Bank said in its economic update on Monday that the East Asia and Pacific region this year is projected to grow by only 0.9%, the lowest rate since 1967.

Vietnam's agro-forestry and fisheries, industry and construction sectors are gradually recovering, said the GSO.

“We need to continue COVID-19 prevention and control measures, offer timely support to businesses and people, and encourage the public to buy Vietnamese products. Other measures include boosting the disbursement of public investment and restructuring production,” said GSO General Director Nguyen Thi Huong.

S&P Global Ratings (S&P) said Vietnam is likely to be the second best performer of economic recovery in Asia-Pacific.

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