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Financial News: Vietnam GDP Growth Improves In Q3

Vietnam GDP Growth Improves In Q3

09/29/2020 - 03:25:00 (RTTNews)

(RTTNews) - Vietnam's economy expanded at a faster pace in the third quarter but remained below pre-pandemic level, official data showed Tuesday. Gross domestic product rose 2.62 percent on yearly basis in the third quarter, following a revised 0.39 percent rise in the second quarter.

During January to September, exports grew 4.2 percent, while imports fell 0.8 percent.

In September, consumer prices gained 2.98 percent. Inflation averaged 3.85 percent in the first nine months of the year, which was close to 4 percent target set by the government.

The economy rebounded in the third quarter and should continue to perform strongly over the coming year, Gareth Leather, an economist at Capital Economics, said.

A surge in exports to the US, aggressive rate cuts by the central bank and the government's success in containing the virus are all factors behind Vietnam's outperformance, the economist added.

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