National economy grows by 5.14% in 9 months

GDP has increased slightly on a quarterly basis, from 4.89% in the first quarter to 5% in the second, 5.14% in the third and estimated 6% in the last quarter.

In the nine-month period, the agro-forestry and fishery sector edged up 2.39%, industrial and construction sectors rose 5.2%, and the services sector surged 6.25%.

MPI Deputy Minister Dao Quang Thu says the 5.14% growth is ‘acceptable’ given the current difficult times.

However, experts forecast Vietnam is unlikely to meet its 5.5% set target.

Industrial production continued showing signs of recovery in the third quarter

Despite improved business conditions, 19,323 new businesses worth total registered capital of nearly VND88,000 billion were established in the third quarter, down 17% in number and 23% in value compared to the previous quarter.

Overall as many as 58,231 new businesses were established with combined registered capital of VND281,359 billion between January-September 2013, up 11% in number and down 22% in value.

Nearly 11,300 businesses resumed operation, focusing on whole sales, retails, car and bike repairs, construction, and manufacturing industry.

The index of industrial production (IIP) rose slightly from 5.3% in August to 5.4% in September.

Agricultural production was faced with numerous difficulties due to bad weather, high input costs and low product prices.

In the nine-month reviewed period, total export value is estimated at US$96.5 billion, a year-on-year increase of 15.7%.

Foreign direct businesses’ export earnings hit US$58.4 billion, representing a rise of 27% and accounting for 60.6% of the country’s total value.

The country ran a trade deficit of US$124 million, or 0.1% of the export value.