French wire service AFP cited statistics by the General Statistics Office (GSO) showing the economy grew 5.33% in the July-September period from a year earlier, and that loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact.

A foreign-invested footwear material factory in Thuan An city, Binh Duong province.

Nikkei Asia also said the growth was accelerated thanks to tourism, noting “the services sector helped boost economic output during the three months through September, driven mainly by retail and tourism. The sector is estimated to account for about 40% of Vietnam's GDP.”

“Travelers returned to popular destinations like the central city of Da Nang, with the number of foreign visitors entering the country from July to August reaching 2.25 million, already exceeding 1.27 million in July-September last year.”

Recent official economic data shows that the manufacturing sector is recovering, it said, adding that the monthly industrial production index turned positive in May and marked the fifth consecutive month of expansion in September.

China’s Xinhua News Agency also cited official data showing Vietnam attracted nearly 20.21 billion USD in foreign direct investment (FDI) from the start of this year to September 20, a year-on-year growth of 7.7%.

The Asian Development Bank (ADB) said in its Asian Development Outlook (ADO) September 2023 that Vietnam’s economic growth is expected to slow down to 5.8% in 2023 mainly due to “the weak external environment.”

However, its Country Director for Vietnam Shantanu Chakraborty said the economy remains resilient, and recovery is expected to pick up in the near term, driven by strong domestic consumption, which is supported by moderate inflation, an acceleration of public investment, and improved trade activities.

Supporting enterprises to implement “green economy” transition

“Green economy” is simply defined as an economy with low emissions and efficient and economical use of natural resources.

Digital economy contributes 15% to GDP in H1

Vietnam’s digital economy has played an important role in the country’s socio-economic development in recent times, and accounted for nearly 15% of GDP in the first half of this year, according to the Ministry of Information and Communications.

Vietnam’s economy to see stronger growth in next two years

The World Bank forecasts that Vietnam’s economy will grow 4.7% in 2023, and accelerate to 5.5% in 2024 and 6.0% in 2025.

PM commends HSBC's contributions to Vietnam's economy

Prime Minister Pham Minh Chinh has thanked HSBC Holdings Plc and HSBC Vietnam for their assistance and contributions to the development of the banking - financial industry in particular and the economy of Vietnam in general.

UK to recognise Vietnam as market economy

The UK is set to recognise that Vietnam’s industries are operating in a market economy and will not impose unfavourable rules should they be investigated under trade defence measures, according to the Trade Remedies Authority of Vietnam.

Source: VNA