Vietnam’s economy has recovered swiftly despite external uncertainties and extensive damage caused by Typhoon Yagi, which has significantly impacted socio-economic activities and the lives of citizens.

Vietnam News Agency (VNA) quoted the Minister of Planning and Investment, Nguyen Chi Dung, as saying that the economy has regained momentum, achieving numerous positive outcomes. Over the first nine months of 2024, there were notable improvements in industrial production, export, and foreign direct investment (FDI) attraction. The country maintained macroeconomic stability, controlled inflation, and ensured major economic balances, with overspending, public debt, Government debt, and foreign debt within acceptable limits.

Nguyen Thi Huong, Director-General of the General Statistics Office (GSO), reported that the economy expanded by 7.4 percent year-on-year in Q3, surpassing the Government’s target of 6.7 percent set in Resolution No.1.

In the first nine months, the economy grew by 6.82 percent compared to t
he same period last year, with the agro-forestry-fisheries sector increasing by 3.2 percent, while industry and construction and service sectors rose by 8.19 percent and 6.95 percent, respectively.

Approximately 17,700 new businesses were registered in September, bringing the total number of new businesses in the nine-month period to 183,000, which exceeded the number of companies withdrawing from the market.

In its latest report, the International Monetary Fund (IMF) raised its forecast for Vietnam’s economic growth in 2024 to 6.1 percent, higher than its previous projection of nearly 6 percent in June 2024. The Asian Development Bank (ADB) also projected a positive economic outlook, forecasting the country’s GDP growth at 6 percent in its September Asian Development Outlook (ADO).

Source: Emirates News Agency