Vietnam GDP Soars 13.67% In Q3 Due To Brisk Exports To U.S.

Vietnam's economy as measured by gross domestic product (GDP) grew 13.67% in real terms in the July-September period from a year earlier as exports to the US surged, the government said, Tomoya Onishi reported for Nikkei Asia.

Photo Insert: Saigon Port is the 24th busiest in the world.

A sharp recovery in personal consumption also contributed to the first quarterly growth of more than 10% since 2009, when comparable data began to be compiled, according to the General Statistics Office of Vietnam.

The upswing came after the nation's economy expanded 7.83% in the April-June quarter, an upward revision of 0.11 of a percentage point, according to the statistics office.

Another reason for the steep ascent was a 6.02% contraction in the third quarter of 2021 due to strict measures to contain COVID-19. The government has been relaxing those measures step by step, with growth picking up as it does.

In addition to reactional growth from the previous year's contraction, "the export-based Vietnamese economy is benefitting from a global economic recovery," said Yusuke Koshiyama, an economist at Mizuho Research and Technologies.

The nation's economic growth is being led by exports to the US, which in the January-September period expanded 25.4% from the same period of 2021.

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