Hanoi (VNA) - Vietnam's gross domestic product (GDP) expanded by about 7.4% in the third quarter and 6.82% during the first nine months of 2024 compared to the respective periods of last year, the General Statistics Office (GSO) reported on October 6. At a press conference to announce socio-economic data in the third quarter and the first nine months of the year, GSO General Director Nguyen Thi Huong said Typhoon Yagi, which hit Vietnam in early September, took a heavy toll on human lives, property, socio-economic development, and agro-forestry-fishery production in the northern region.
Against this backdrop, the country has exerted efforts to address natural disasters’ consequences, stabilise people’s life, bolster production and business activities, maintain macro-economic stability, and fuel economic growth. Thanks to those endeavours, the economy kept the positive trend in the third quarter and over the first nine months of the year, with key sectors posting significant results, helping to build momentum for the remaining months of the year. The agro-forestry-fisheries sector increased 2.58%, contributing 4.08% to the overall growth. The industry - construction sector rose 9.11% to contribute 48.88%.
Notably, the processing - manufacturing industry was a bright spot of the economy, with a growth rate of 11.41% - the highest Q3 figure in six years. Meanwhile, the service sector went up 7.51%, contributing 47.04% to the economic growth. During the first nine months, the economy expanded by some 6.82% year on year, with the agro-forestry-fisheries sector up 3.2% and contributing 5.37%, industry and construction up 8.19% to contribute 46.22%, and the service sector up 6.95% to contribute 48.41% to the overall growth.
Huong pointed out that the agro-forestry-fisheries sector was hit hard by Typhoon Yagi in September, leading to lower nine-month growth compared to the same period of previous years. Regarding the economic structure between January and September, the agro-forestry-fisheries sector accounted for 11.64% of the economy, industry and construction 37.1%, service 42.8%, and taxes less subsidies on products 8.46%. The respective figures in the same period of 2023 were 11.8%, 36.98%, 42.61%, and 8.61%.
Meanwhile, the industrial sector posted a year-on-year increase of 8.34% in the three-quarter period, contributin 2.71 percentage points in the overall GDP growth. Trade, tourism and transport also kept their growing trend, helping boost the economic growth.
The World Bank has revised its GDP growth forecast for Vietnam to 6.1% for 2024, up 0.6 percentage points from its June estimate.
The Asian Development Bank maintains its 6% growth projection, while the IMF also expects a 6.1% growth, marking a 0.6 percentage point increase from its April forecast.
The GSO General Director stressed that the government is committed to maintaining macroeconomic stability and promoting economic growth, with ministries and local authorities continuing to implement measures outlined in key resolutions.
Ministries and localities have been closely monitoring both domestic and global economic conditions and are working hard to implement the necessary measures, earning the trust and support of the people and the business community," Huong stated./.
