Vietnam GDP grows 6.82% in 9 months

Vietnam’s economy in the first nine months of 2024 expanded 6.82% year-on-year, the General Statistics Office (GSO) reported.

The figures for the same period in 2023, 2022, 2021, 2020 and 2019 were 4.4%, 8.98%, 1.53%, 2.19% and 7.3%.

In the nine-month period of 2024, the agriculture, forestry and fishery sector grew by 3.2%, lower than the same period of the previous years (except 2020) due to heavy impacts from super typhoon Yagi. It accounted for only 5.37% of the overall economic expansion.

The industry and construction sector increased by 8.19% and made up 46.22% of the economic expansion, while the respective figures of the service sector were 6.95% and 48.41%.

The production of many key industrial sectors saw significant growth. These sectors grew by 8.34% year-on-year in the three quarters, contributing 2.71 percentage points to the growth rate of the economy.

Notably, the processing and manufacturing industry was a growth driver, with a growth rate of 9.76%, contributing 2.44 percentage points. The construction sector grew by 7.48%, contributing 0.52 percentage points.

The trade, tourism and transport sectors maintained their growth momentum, making positive contributions to the overall economic growth. The service sector expanded by 6.95% year-on-year.

Regarding the economic structure, the agriculture, forestry and fishery sector accounted for 11.64% of the economy in the nine-month period. The figure for industry and construction was 37.1%; services 42.8%; and taxes less subsidies on products 8.46%.

The tallies were 11.8%, 36.98%, 42.61%, and 8.61% respectively in the same period last year.

The country’s economic expansion in the third quarter was 7.4% despite damage caused by typhoon Yagi. This was lower than the growth rate of Q3/2022 (13.67%), but higher than that of Q3/2021 (-6.17%).

The industry-construction and service sectors remained the core pillars of the economy, with a year-on-year growth rate of 9.11% and 7.51%, respectively. They accounted for 48.88% and 47.04% of the economic expansion, respectively.

The agriculture, forestry and fishery sector grew 2.58% from Q3/2024, the lowest in three years, due to agricultural losses caused by the typhoon. This sector accounted for 4.08% of the economy in the quarter.