A foreign-invested footwear material factory in Thuan An city, Binh Duong province (Photo: VNA) French wire service AFP cited statistics by theGeneral Statistics Office (GSO) showing the economy grew 5.33% in theJuly-September period from a year earlier, and that loan interest ratereductions, an extension of tax payments and increased public investment had apositive impact.
Nikkei Asia also said the growth was accelerated thanksto tourism, noting “the services sector helped boost economic output during thethree months through September, driven mainly by retail and tourism. The sectoris estimated to account for about 40% of Vietnam's GDP.”
“Travelers returned topopular destinations like the central city of Da Nang, with the number offoreign visitors entering the country from July to August reaching 2.25million, already exceeding 1.27 million in July-September last year.”
Recent officialeconomic data shows that the manufacturing sector is recovering, it said,adding that the monthly industrial production index turned positive in May andmarked the fifth consecutive month of expansion in September.
China’s Xinhua NewsAgency also cited official data showing Vietnam attracted nearly20.21 billion USD in foreign direct investment (FDI) from the start of thisyear to September 20, a year-on-year growth of 7.7%.
The Asian Development Bank (ADB) saidin its Asian Development Outlook (ADO) September 2023 that Vietnam’s economic growth is expected to slow down to 5.8% in 2023 mainlydue to “the weak external environment.”
However, its Country Director for VietnamShantanu Chakraborty said the economy remains resilient, and recovery isexpected to pick up in the near term, driven by strong domestic consumption,which is supported by moderate inflation, an acceleration of public investment,and improved trade activities./.
VNA
