Vietnam posted GDP growth of 5.33 per cent year-on-year in the third quarter of 2023, according to the General Statistics Office (GSO).

GDP in the first nine months rose 4.24 per cent compared to the same period last year.

Though growth in the third quarter was lower than expected, the trends have been positive over recent quarters, with 3.28 per cent in the first quarter, 4.05 per cent in the second, and 5.33 per cent in the third.

The GSO attributed the slow increase in GDP in the third quarter to difficulties and challenges facing the global economy. Most economies posted lower than expected growth due to a decline in aggregate demand, high inflation, tightened monetary policy, high public debt, the Russia - Ukraine conflict, overall geopolitical instability, increasing natural disasters, and climate change.

In the nine-month period, the agriculture, forestry and fisheries sector increased 3.43 per cent, contributing 9.16 per cent to total added value in the entire economy. Growth in the industrial and construction sector and the service sector were 2.41 per cent and 6.32 per cent, respectively, contributing 22.27 per cent and 68.57 per cent.