HANOI: The consequences of Asia’s worst typhoon this year were partially mitigated by robust exports, industrial production, and increased foreign investment, which helped Vietnam achieve its fastest economic growth in two years in the quarter ending in September.
According to a study released by the government’s General Statistics Office, the third quarter’s GDP growth was 7.4% year over year, which was higher than the revised 7.09% growth in the second quarter.
Vietnam has attracted a consistent stream of foreign investment and serves as a regional manufacturing base for major firms such as Samsung Electronics and Apple suppliers Foxconn and Luxshare.
“The world economy is stabilising as global trade in goods improves, inflationary pressures ease, financial conditions continue to loosen and labour supply increases,” according to the statistics agency.
According to the data, industrial production increased 10.8% in September while exports increased 10.7% from the same month the previous year. Foreign investment inflows reached US$17.3 billion in the first nine months of this year, an 8.9% increase from the same period last year.
Also Read:
