Vietnam’s economic expansion tops 13% in third quarter

VIETNAM’S economy posted a double-digit growth in the third quarter, reflecting a robust recovery from the pandemic-induced slump a year ago.

Gross domestic product rose 13.67 per cent in the 3 months ending September from a year earlier, the General Statistics Office said on Thursday (Sep 29). That compares with a 14.35 per cent median estimate in a Bloomberg survey of economists, and a 6.02 per cent contraction a year ago when the nation shuttered some factories as part of tough virus control measures.

Since then, the economy has rebounded as restrictions were lifted, domestic activity picked up and exports increased. While price gains quickened to 3.94 per cent this month, Vietnam’s inflation remains among the lowest in the region.

Exports rose 10.3 per cent this month from the same period a year ago, while imports climbed 6.4 per cent.

The central bank said it will urge commercial banks to find ways to keep lending costs low to help businesses, even after it raised 2 of its policy rates by one percentage point each last week amid a slump in the currency. BLOOMBERG