Vietnam’s economy registers strong growth in Q3: WB

Vietnam’s GDP grew by 13.7% year-on-year in the third quarter of this year and 8.9% over the first three quarters, according to a report released by the World Bank on October 20.

The bank’s October report, Vietnam Macro Monitoring, shows that industrial production and retail sales posted another month of high growth rates (13.0% and 36.1% year-on-year) which could be attributed both to strong economic activities and to the low-base effects.

Both exports and imports growth moderated in September due to weakening demand from major export markets.

FDI commitment fell in September, affected by the heighted uncertainty about the global economic prospects while FDI disbursement continued to improve, the report says.

 Despite softening energy prices, CPI inflation accelerated from 2.9% in August to 3.9% in September largely due to higher education costs and rents. Core CPI inflation accelerated as well, from 3.1% in August to 3.8% in September.

Credit growth accelerated from 16.2% in August to 17.2% in September as the State Bank of Vietnam raised credit growth limits on some commercial banks./.