Nikkei Asia newspaper wrote that state data showed that Vietnam's economy grew 7.4% in the third quarter of 2024 compared to the same period last year, exceeding the growth rate of 6.93% of the previous three months and exceeding expectations after the worst storm to hit the country in 70 years has stagnated many business activities.
GDP data released by the General Statistics Office marks the largest quarterly growth rate since the 13.7% recorded in the third quarter of 2022, which has recovered strongly after the COVID-19 pandemic.
Previously, organizations have given a rather low forecast for the third quarter of this year, such as Standard Chartered predicting only 5.1%.
Exports led, up 15.8% since the third quarter of 2023, although Typhoon Yagi contributed to the first decline in production activities in September since March, according to S&P Global Market Intelligence.
The General Statistics Office said that agriculture was most affected by Typhoon Yagi, increasing by only 2.58% compared to 3.34% in the previous quarter.
The storm that hit Vietnam on September 7 killed hundreds of people and caused an estimated $3 billion in damage.
UOB Bank noted that the impact of the storm will be reflected in lost output and damaged facilities from production segments, agriculture and many other services. However, apart from these temporary disruptions, long-term fundamental factors remain firm.
The General Statistics Office said that Vietnam's GDP increased by 6.82% in the first 9 months of the year, nearly equal to the increase of 7.3% before COVID-19.
The technology industry is a long-term driving force for the Vietnamese economy. Exports of electronic goods increased by 20.6% in the third quarter compared to the same period last year. Vietnam is adding high-tech goods to the supply chain, from Besi chips to LG Electronics smartphone cameras.
"Through expanding cooperation with prestigious partners around the world in semiconductors and artificial intelligence, Vietnam has been implementing the motto: If you want to go fast, go alone, if you want to go far, go together" - Minister of Planning and Investment Nguyen Chi Dung shared.
