Vietnam’s GDP up 1.42 percent in nine months

Vietnam’s GDP up 1.42 percent in nine months

Illustrative image (Source: Internet)

Vietnam’s gross domestic product (GDP) expanded by 1.42 percent in the first nine months of 2021 from the same period last year, marking a great success of the country in the fight against the COVID-19 pandemic and maintaining production and business amid the prolonged period of social distancing in many provinces and cities.

Data from the General Statistics Office (GSO) showed that the nation’s GDP declined by 6.17 percent annually in the third quarter, the sharpest drop since Vietnam began announcing its quarterly GDP figures in 2000. Of which, industry and construction contracted by 5.02 percent, services down 9.28 percent, and agro-forestry-fishery down 1.04 percent.

About the use of GDP in the third quarter, consumption was down 2.83 percent year-on-year, asset accumulation up 1.61 percent, exports of goods and services up 2.51 percent, and imports of goods and services moved up 10.75 percent.

The nine-month GDP growth was thanks to the agro-forestry-fishery sector with an expansion rate of 2.74 percent, contributing 23.52 percent to the overall growth; industry and construction with a growth rate of 3.57 percent, contributing 98.53 percent. Meanwhile, services were down 0.69 percent, pulling national growth down by 22.05 percent.

Agro-forestry-fisheries continued to play its role as a mainstay of the economy amid the pandemic. Specifically, agriculture grew by 3.32 percent, contributing 0.31 percentage point to the added value of the economy. Forestry and fisheries each added 0.02 percentage point thanks to their respective expansion rates of 3.3 percent and 0.66 percent.

Meanwhile, industry and construction, manufacturing and processing are growth driving forces of the economy with an expansion of 6.05 percent, contributing 1.53 percentage points to the added value of the entire economy.

The prolonged pandemic badly affected trade and service activities. The wholesale and retail sector fell by 3.1 percent, the transportation and warehousing industry decreased by 7.79 percent and the accommodation and food service industry dropped by 23.18 percent.

The health sector, in contrast, achieved the highest growth rate with a sharp increase of 21.15 percent, followed by the financial, banking and insurance industry with an increase of 8.37 percent and information and communication, up by 5.24 percent.

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