Vietnam's economy posts 5.33% growth in Q3, continuing recovery

Posted on October 3, 2023   |  

Vietnam's Q3 2023 GDP grew by 5.33%, marking a notable increase from Q1's 3.28% and Q2's 4.05%, resulting in a year-to-date growth rate of 4.24%.

The prominent growth drivers in the January-September period included services (6.32%), agriculture-forestry-fisheries (3.43%), and construction (2.41%).

The economic composition during this period reflected services (42.72%), construction industry (37.16%), agriculture-forestry-fisheries (11.51%), and net product tax minus product subsidy (8.61%).

Vietnam's consumer price index (CPI) grew by 3.66% year-on-year in September and 3.12% in December 2022, resulting in a year-to-date CPI growth of 3.16%. 

Core inflation stood at 4.49%, with noteworthy price increases in areas such as airfares, education, housing materials, and food. 

Notably, the telecommunication-postal services sector witnessed a 0.23% price decrease.