Vietnam’s economic growth accelerates in Q3
Vietnam’s exports increased 9.6% on the year to reach $120.7 billion in the first nine months of this year while imports rose 15.9% in the same period compared with the previous year. In September, the country’s trade deficit declined to $100 million from August’s $347 million. The country’s pledged foreign investment soared 53.4% in first nine months of the year from a year earlier while disbursed foreign investment also increased 8.4% on the year in the same period.
The data also showed that retail sales expanded 9.8% in the January-September period compared with the same period of the last year while industrial production climbed 10.1% in the same period.
According to the Asian Development Bank, Vietnam will post the strongest economic growth rate this year among the six Southeast Asian countries tracked by the bank on the back of higher private consumption and export-oriented manufacturing.
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