Vietnam's GDP grows by 13.7% YoY in Q3 2022: World Bank

23 Oct '22

2 min read

Pic: Shutterstock

Vietnam’s gross domestic product (GDP) grew by 13.7 per cent year on year (YoY) in the third quarter (Q3) of this year and by 8.9 per cent over the first three quarters, according to the World Bank, which in its October report on Vietnam said industrial production and retail sales posted another month of high growth rates—13 per cent and 36.1 per cent YoY respectively.

The growth could be attributed both to strong economic activities and to the low-base effects, a news agency reported citing the report, titled ‘Vietnam Macro Monitoring’.

Foreign direct investment (FDI) commitment fell in September, hit by the heighted uncertainty about the global economic prospects while FDI disbursement continued to improve, the World Bank says.

Exports and imports growth moderated in September due to weakening demand from major export markets.

Consumer price index (CPI)-based inflation accelerated from 2.9 per cent in August to 3.9 per cent in September largely due to higher education costs and rents despite softening energy prices.

Credit growth accelerated from 16.2 per cent in August to 17.2 per cent in September as the State Bank of Vietnam raised credit growth limits on some commercial banks.

While economic recovery has remained strong, heightened uncertainties related to the slowing global economy, rising domestic inflation and tightening global financial conditions warrant increased vigilance and policy agility, the World Bank notes.

Fibre2Fashion News Desk (DS)

More World Bank News... More Textiles News - Vietnam...