Vietnam’s GDP up by 1.42% in 9 months

Vietnam’s gross domestic product (GDP) expanded by 1.42 per cent in the first nine months this year over the figure in the same duration last year, maintaining production and business amid social distancing in many regions. Data from the General Statistics Office showed GDP declined by 6.17 per cent annually in the third quarter, the sharpest drop since Vietnam began announcing its quarterly GDP figures in 2000.

In the third quarter of this year, industry and construction contracted by 5.02 per cent, services went down by 9.28 per cent and agro-forestry-fishery fell by 1.04 per cent.

The nine-month GDP growth was thanks to the agro-forestry-fishery sector with an expansion rate of 2.74 per cent, contributing 23.52 per cent to the overall growth; and industry and construction with a growth rate of 3.57 per cent, contributing 98.53 per cent. Meanwhile, in the nine-month period, services were down by 0.69 per cent, pulling national growth down by 22.05 per cent.

Vietnam’s GDP expanded by 1.42 per cent in the first nine months this year over the figure in the same duration in 2020, maintaining production and business amid social distancing in many regions. Government data showed GDP fell by 6.17 per cent annually in the third quarter, the sharpest drop since Vietnam began announcing its quarterly GDP figures in 2000.

Agro-forestry-fisheries continued to play its role as a mainstay of the economy amid the pandemic. Specifically, agriculture grew by 3.32 percent, contributing 0.31 percentage point to the added value of the economy. Forestry and fisheries each added 0.02 percentage point thanks to their respective expansion rates of 3.3 per cent and 0.66 per cent, according to Vietnamese media reports.

Meanwhile, industry and construction, manufacturing and processing are growth driving forces of the economy with an expansion of 6.05 per cent, contributing 1.53 percentage points to the added value of the entire economy.

The wholesale and retail sector fell by 3.1 per cent, and the transportation and warehousing industry decreased by 7.79 per cent.

Fibre2Fashion News Desk (DS)