Amazing! Vietnam's GDP growth exceeds 13% in Q3 2022

The Vietnamese economy expanded by double digits in the third quarter, indicating a strong comeback from the pandemic-induced downturn of a year earlier.

The General Statistics Office reported on Thursday that gross domestic product increased 13.67% year on year in the three months ended September (Sep 29). This contrasts to a 14.35 percent median projection in a Bloomberg survey of economists and a 6.02 percent contraction a year ago, when the country closed certain facilities as part of strict virus-control efforts.

Since then, the economy has recovered as restrictions have been loosened, domestic activity has improved, and exports have increased. While price increases accelerated this month to 3.94 percent, Vietnam's inflation remains among the lowest in the region.

This month, exports increased 10.3% over the same period last year, while imports increased 6.4%.

Even after raising two of its policy rates by one percentage point each last week amid a currency plunge, the central bank said it will urge commercial banks to find ways to keep lending costs low in order to boost businesses. BLOOMBERG