Vietnam aims for 7.6-8% economic expansion in Q4

Vietnam seeks to grow its economy by 7.6-8% in the fourth quarter of this year after a surprisingly strong expansion in Q3, says Minister of Planning and Investment Nguyen Chi Dung.

Such growth would enable the whole-year reading to reach 7% or more, higher than the National Assembly-mandated target of 6-6.5%, Dung told at a government meeting with administrations of 63 cities and provinces on Monday.

According to the General Statistics Office (GSO), Vietnam’s GDP expanded 7.4% year-on-year in Q3, higher than the revised 7.04% in Q2, thanks to stronger trade and manufacturing despite the devastating impacts of super typhoon Yagi and consequent floods and landslides in the northern region.

At a press conference on Sunday, Nguyen Thi Huong, general director of the GSO, attributed the Q2 strong growth to good performance in July and September and swift responses in the aftermath of the typhoon.

The economic expansion reached 6.82% in the first three quarters of this year.

Localities hard hit by the typhoon still recorded robust growth in Jan-Sept, including Hai Phong (9.77%), Quang Ninh (8.02%), Phu Tho (9.56%), Lao Cai (7.71%), Cao Bang (7%), and Yen Bai (7.15%).

Minister Dung highlighted positive drivers on both the supply and demand sides.