Vietnam's economy demonstrated remarkable performance in the third quarter, primarily fueled by the robust industrial and construction sector alongside significant export growth. The latest report from the nation's General Statistics Office revealed that Vietnam's gross domestic product (GDP) surged by an impressive 7.4% compared to the same quarter last year. In particular, the industrial and construction sector showcased a substantial expansion of 9.11%, while the service sector followed closely with a growth rate of 7.51%.
These figures underline a period of strong economic activity across various sectors despite facing external challenges. Exports played a crucial role in driving Vietnam's economic growth, showcasing a noteworthy increase of 15.8% year-on-year during the third quarter. The electronics export segment notably excelled, achieving a remarkable 20.6% growth in comparison to the same period last year, according to officials from the GSO. This economic expansion came even as Vietnam faced disruptions from powerful Typhoon Yagi, which struck the nation in September.
However, the resilience shown in maintaining economic activities amidst such challenges demonstrates the strength of Vietnam's economy. Looking at the broader picture, Vietnam's GDP rose by 6.82% in the first nine months of 2024, reflecting a steady economic performance compared to the same timeframe in 2023.
The industrial and construction sector also marked a significant increase of 8.19%, indicating sustained momentum in these key areas. Moreover, Vietnam’s industrial production index for September saw a remarkable increase of 10.8% year-on-year. Within this segment, the processing and manufacturing industry recorded an exceptional rise of 13.1% over the last twelve months, while electricity output experienced a healthy growth of 6.4%.
Additionally, the water supply and wastewater treatment segment also reported a substantial increase of 15.2%. On the consumer front, the consumer price index (CPI) observed an upward trend, rising by 2.63% year-on-year in September, with an incremental increase of 0.29% compared to August. These figures illustrate not only economic growth but also the dynamic nature of Vietnam's economy as it navigates through varied challenges and opportunities..