Ms. Nguyen Thi Huong, General Director of the General Statistics Office (GSO), on September 29 announced that GDP growth in the third quarter of 2022 is estimated at 13.67 per cent, which is significantly higher than previous expert predictions.

GDP therefore rose 8.83 per cent year-on-year in the first nine months of 2022; the highest increase for this period in 2011-2022 and showing that production and business activities have gradually regained their growth momentum and that the government’s socio-economic recovery and development program has been effective.

Many industries and indicators have recovered robustly and posted higher growth rates than before Covid-19, such as manufacturing and processing, total retail sales of consumer goods and services, and exports.

The GSO report shows that agriculture, forestry and fisheries increased 2.99 per cent in the first nine months, contributing 4.04 per cent to the total, industry and construction 9.44 per cent, contributing 41.79 per cent, and service 10.57 per cent, contributing 54.17 per cent.

“Socio-economic growth in the first nine months of 2022 comes amid a global economic outlook that is becoming more difficult as the conflict between Russia and Ukraine continues,” Ms. Huong said. “Inflation remains high around the world, especially in Europe and the US, with interest rates rising and monetary and fiscal policies narrowing in many countries. The weather has also fluctuated abnormally. Yet Vietnam’s economy prospered in almost every field.”