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Vietnam's Q3 GDP growth hits 7.4%, fastest pace in 2 years

Vietnam's Q3 GDP growth hits 7.4%, fastest pace in 2 years

Posted on October 8, 2024 |

Vietnam's Q3 GDP grew by 7.4% year-on-year, the highest in two years, beating Q2's 7.09% growth.

Exports in September jumped by 10.7%, and industrial production increased by 10.8% compared to the previous year.

Foreign investment reached US$17.3 billion in the first nine months of 2024, an 8.9% rise from last year.

Vietnam's exports hit US$299.63 billion, up 15.4%, and imports grew by 17.3% to US$278.84 billion, resulting in a trade surplus of US$20.79 billion.

Consumer prices in September were up 2.63%, while retail sales grew by 7.6%.

Typhoon Yagi led to over 300 deaths, and power outages, and caused US$3.3 billion in damages in Northern Vietnam.

Vietnam is aiming for GDP growth between 6.0% and 6.5% in 2024, with inflation targeted below 4.5%.