Vietnam's quarterly GDP grows fastest in 4 years as exports boom

By HANOI: Vietnam's gross domestic product grew 9.95percent in the third quarter from a year earlier, the fastest quarterly growth since the COVID pandemic, and accelerating from a revised expansion of 8.81percent in the second quarter, government data showed on Saturday. Growth in the July-September quarter was driven by strong exports and robust investment in infrastructure, but remains short of the country's full-year growth target of above 10percent. The export-reliant economy has faced rising import costs this year due to the Iran war, with the trade deficit in the first nine months of this year hitting a record high. Exports of goods in September rose 39.1percent from a year earlier to USD59.48 billion, while imports were up 45.8percent to USD58.21 billion, resulting in a trade surplus of USD1.27 billion for the month, the National Statistics Office said in a report. For the first nine months of this year, exports rose 24.5percent to USD434.30 billion, while imports were up 36.7percent to USD453.72 billion, translating into a trade deficit of USD19.42 billion, a record high. Higher prices for energy imports were partly to blame for the widening trade deficit. Imports of crude oil in the period fell 13.5percent in volume, but were up 14.4percent in value, according to the report. Imports of refined fuels rose 11.5percent in volume but were up 79.3percent in value. Consumer prices in September rose 5.08percent from a year earlier, the NSO said. Industrial production in September increased 16.7percent year on year, it added. The data showed total investment in the nine-month period rose 16.7percent from a year earlier, as the country has been ramping up public investment in infrastructure as part of its efforts to boost growth. Foreign investment inflows in the nine-month period rose 12.1percent from a year earlier to USD21.1 billion, the NSO said.