The country’s gross domestic product (GDP) is expected to record an annual increase of 2.12% during the opening nine months of the year, according to the General Statistics Office (GSO) September update. 

The national economy is anticipated to grow by 2.62% in the third quarter, which is much higher than the Q2 figure (0.39%) but lower than the Q1 figure (3.68%).  

Though the nine-month growth figure was the lowest in the past 10 years, it was considered a success for Vietnam given the complex nature of the COVID-19 pandemic which has taken its toll on all economies globally, including Vietnam, Nguyen Thi Huong, GSO director told a press briefing in Hanoi on September 29.

Huong attributed the positive results to the government’s swift response to the resurgence of the SARS-CoV-2 virus, by implementing bold measures to contain it. To date all coronavirus outbreaks in localities have been brought under control, and the government has been working towards a dual goal of epidemic prevention and economic recovery.

Thanks to the government’s measures, the national economy has been put on track, obtaining initial encouraging results. Most notably, the country’s macroeconomy also remained stable in the third quarter. Major economic indicators such as the agro-forestry-fisheries, industry and construction, and service sectors recorded increases of 1.84%, 3.08%, and 1.37%, respectively.

Meanwhile, consumption rose by 1.19% against the same period last year, while asset accumulation enjoyed an increase of 5.79%, with the export and import of goods and services increasing by 2.86% and 1.88%, respectively.

At a regular monthly Cabinet meeting for August, Prime Minister Nguyen Xuan Phuc voiced his hope that Vietnam will achieve a GDP growth rate of between 2-3% this year.