Vietnam Q3 GDP expands 13.7% on low-base effect, stronger exports

Nurluqman Suratman


SINGAPORE (ICIS)–Vietnam’s economy expanded by 13.7% year on year in the third quarter, supported by stronger exports, a low base effect and a sharp recovery in private consumption, official data showed on Thursday.

The country’s GDP growth in the third quarter accelerated from the 7.83% expansion in the April-June quarter, data from the General Statistics Office of Vietnam showed.

Vietnam’s economy expanded by 2.9% year on year in 2020 and 2.6% in 2021.

Private consumption – which makes up almost 40% of the GDP growth rate in the third quarter – grew by 10.1% year on year in the third quarter, while overall exports of goods and services rose by 9.32%.

The industrial and construction sector grew by 12.9% year on year in the third quarter.

For the first nine months of this year, Vietnam’s GDP expanded by 8.83% year on year, which is the highest growth rate for a nine-month period since 2011.

Private consumption rose by 7.26% year on year in the January-September period while exports of goods and services were up by 8.94%.

The US was Vietnam’s largest export market in the first nine months of this year with an estimated turnover of $86.3bn, while China was the country’s largest import market with a projected turnover of $91.6bn.

In the first nine months of 2022, Vietnam posted a trade surplus of $6.52bn, reversing the trade deficit of $3.44bn in the same period of last year.

The World Bank earlier on 27 September upgraded its year-on-year GDP growth forecast for Vietnam to 7.2% from a previous estimate of 5.3% in April.

The forecast places Vietnam as the top performing economy in the Asia-Pacific, outpacing the Philippines and Malaysia which are projected to grow by 6.5% and 6.4% year on year, respectively.


Global News + ICIS Chemical Business (ICB)

See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.

Contact us

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?