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| Director of the National Statistics Office of Vietnam Nguyen Thi Huong speaks at the press conference in Hanoi on October 6__Photo: VNA |
Vietnam’s economy expanded at a rate of 7.85 percent in the first nine months of the year, according to the National Statistics Office of Vietnam under the Ministry of Finance.
At a press conference in Hanoi on October 6, Director of the National Statistics Office of Vietnam Nguyen Thi Huong reported that the nine-month GDP expansion ranks as the second-strongest performance in the 2011-25 period, only trailing behind the 9.44 percent growth achieved during the same timeframe in 2022.
Amidst complicated developments across the globe and fierce strategic competition among major powers, the country has achieved robust economic performance, Huong said, stressing the agro-forestry-fishery sector remained stable despite storms and floods, thanks to timely disaster response measures. Within the sector, crop production rose 3.46 percent, forestry 6.46 percent, and fisheries 4.48 percent.
Industry and construction were major growth engines. Industrial output expanded 8.55 percent overall, driven by a 9.92 percent increase in manufacturing and processing, and a 9.33 percent rise in construction.
Services flourished on the back of surging domestic consumption, tourism, and retail demand, particularly during the country's national holidays. The sector’s 8.49 percent growth was second only to its 11.37 percent pace in 2022. Wholesale and retail climbed 8.28 percent, transport and warehouse jumped 10.68 percent, banking and insurance rose 7.06 percent, and accommodation and catering services increased 10.15 percent.
Regarding economic structure in the nine-month span, the agro-forestry-fishery accounted for 11.3 percent of GDP, industry and construction 37.58 percent, and service 42.92 percent.
On the demand side, final consumption expenditure grew 8.07 percent, capital formation 8.52 percent, export 15.51 percent, and import 16.75 percent.
Huong stressed that the results were achieved due to sweeping reforms in government organization and legal frameworks, as well as major resolutions on science - technology, innovation and digital transformation, international integration, and development of the private economic sector in Quarter 3.- (VNA/VLLF)
