Vietnam’s economy accelerates in third quarter as GDP expands 7.46%

TIN LIÊN QUAN
	Vietnamese economy continues to perform well
	Vietnam, from sewer to buyer

Overall Vietnam’s economic output in the first nine months of the year grew by 6.41%, meaning the growth rate in the fourth quarter must be at least 7.31% if Vietnam is to meet its full-year target of 6.7%.

GSO head Nguyen Bich Lam said that such a goal is attainable given the positive results in the first nine months, especially the third quarter’s impressive performance, as well as the government’s bold actions to boost business activity.

Recently the Ministry of Industry and Trade decided to discard nearly 700 unnecessary business conditions in a major effort to remove the obstacles facing enterprises and improve the business climate in Vietnam.

Growth in the first nine months of Vietnam economy in 2017 was also buoyed by exports (Souce: NDO)

Data released by the GSO show that the manufacturing sector expanded by an estimated 16.63% in the third quarter, the highest growth rate since 2011, due to strong growth in the manufacturing of electronic and steel products.

Electronic devices, smartphones, and computers as a whole, recorded a growth rate of 45.5% growth rate in the July-September period as Samsung ramped up their production of high-end gadgets.

Meanwhile the metal production sector increased by 21.4% in the nine months to September as the Formosa Ha Tinh Steel Plant commenced operations.

Growth in the first nine months of 2017 was also buoyed by exports, which climbed 19.8% compared with the same period last year to an estimated 154 billion USD, with the two consecutive months of August and September having revenues exceeding 19 billion USD.

In September the consumer price index (CPI) rose 0.59% against the previous month, mainly boosted by food and fuel prices.

According to the GSO, food prices rose in September due to the effect of typhoons and flash floods in a number of provinces, while two fuel price increases on September 5 and 20 pushed up transport costs by 1.51%.

The first three quarters of 2017 also saw a strong rise in foreign investment inflows, with commitments hitting 25.5 billion USD, up 34.3% from a year earlier, of which 12.5 billion USD has been disbursed.

Another bright spot of the Vietnamese economy is the number of newly established enterprises in the first nine months of the year, standing at nearly 94,000 with registered capital totalling more than VND 900 trillion (39.6 billion USD).

However, Vietnam is still facing a number of problems that could derail economic growth, such as natural disasters and the dengue fever epidemic.

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