Vietnam GDP Annual Growth Rate

Vietnam’s GDP expanded by 7.40% year-on-year in Q3 of 2024, accelerating from an upwardly revised 7.09% growth in Q2 and marking the steepest yearly increase since Q3 of 2022, flash data showed. The latest result also represented the 12th consecutive quarter of yearly growth, despite the impact of the worst typhoon in seven decades, which struck the country in September and halted many business operations. Final consumption, which accounts for almost 60% of the overall growth rate, stayed strong in Q3, rising by 7.02%. At the same time, foreign sales were resilient, marked by a 15.68% surge in exports. By sector, services activity quickened (7.51% vs. 7.10% in Q2), as did industry and construction (9.11% vs. 8.60%). Meanwhile, agricultural output eased (2.58% vs. 3.64%). During the first three quarters of the year, the economy advanced by 6.82%, compared with 6.42% in H1. The government targets GDP growth of around 6.8 to 7.0% this year but remains alert to persistent global headwinds.