Vietnam's economy has maintained positive growth momentum in the first month of the fourth quarter of this year, with industrial production continuing to increase thanks to the dynamics of the processing industry, along with stable macro fundamentals and low inflation.


Vietnam’s economy has maintained its positive growth momentum in the first month of the fourth quarter.

The above assessment was made by the National Financial Supervisory Commission (NFSC) in its latest report on Vietnam’s economic situation.

According to the commission’s analysis, in the context of the negative growth of the mining industry, the manufacturing and processing sector has become the driving force of industrial production, which has been increasing for many years.

Accordingly, the index of industrial production (IIP) in the first ten months of the year increased by 8.7% over the same period last year, higher than the level of 7.3% of the same period in 2016 and reached its second highest level in five years.

In particular, the manufacturing industry continues to be the main driver of industrial production, up 13.6% over the same period last year (11% over the same period of 2016).

In the opposite direction, mining growth remained negative (the first ten months fell by 7.4% over the same period of 2016). However, the decline has improved significantly compared to the previous quarters.

In the context of high economic growth, the NFSC also stated that the Purchasing Managers' Index (PMI) had positive movements, reaching 51.6 points in October, continuing to maintain the 23rd consecutive month of gaining over 50 points.

Aggregate demand remained stable thanks to relative high consumer demand, while trade surplus continued to increase due to a sharp increase in exports and the disbursement of State budget investment in the fourth quarter.

The total retail sales of consumer goods and services in the first ten months of this year (excluding the price factor) increased by 9.4% over the same period last year, higher than the 9% rate in the same period of 2016.

In addition, consumer demand continues to improve markedly, beginning in Q3 of 2017. The trade balance in October continued to enjoy a surplus of approximately US$900 million, contributing significantly to improving the aggregate demand. As a result, the trade balance in the last three months has reached a trade surplus of US$3.76 billion, resulting in a ten-month trade surplus of US$1.23 billion.

However, the commission noted that, while the FDI sector posted US$17.63 billion in the first ten months this year, the domestic economic sector only earned US$16.4 billion. This situation continues to show the dependence of trade and economic growth on the FDI sector.

 

                                                      Source: NDO

Related Topics


Hoa Binh takes actions to connect markets, promote values of agricultural products

After more than four years of implementing a project launched by the Hoa Binh Party Committee’s Standing Board on developing agriculture and promoting product consumption linked with building new-style rural areas for the 2021-2025 period, the province’s industry and trade sector has made significant strides, greatly contributing to local socio-economic development.

Luong Son district is determined to achieve the targets of double-digit growth

Luong Son district has identified 2025 as the year for the accelerated breakthrough to successfully implement the socio-economic development plan for the 5-year period from 2021 to 2025. The district has been focusing on executing the plans and trying to achieve a GRDP growth rate of approximately 15%.

Issuing the certificates of the product safety in the supply chain for the establishments

Since the beginning of this year, under the direction of the Department of Agriculture and Environment, the Sub-Department of Agricultural, Forestry, and Fishery Product Quality Management has strengthened the integration of the professional activities to promote and guide the organizations and individuals in the production and trading of agricultural, forestry, and fishery products to comply with the legal regulations regarding the use of chemicals, pesticides and veterinary medicines in crop cultivation, livestock farming and aquaculture. They also provide guidance to processing and manufacturing establishments on keeping the records to trace the product origins and using food additives from the approved list according to the regulations.

Hoa Binh province reviews state budget revenue in first two months

Hoa Binh province saw a significant rise in state budget revenue in the first two months of 2025, heard a meeting chaired by Vice Chairman of the provincial People’s Committee Quach Tat Liem.

Young Thai ethnic woman brings traditional brocade to international market

Ha Thi Ha Chi, a 26-year-old graduate in law, has taken an unconventional path by returning to her hometown in Mai Chau district to establish the Tong Dau Cooperative, creating stable jobs for local women and bringing Thai ethnic brocade weaving to the global market.

Tan Vinh farmers strive to excel in production and business

As the Lunar New Year 2025 approached, pork prices surged, creating a profitable season for farmers in Tan Vinh commune, Luong Son district. Taking advantage of the rising demand, Can Minh Son, a farmer from Coi hamlet, sold over 30 pigs at 69,000 VND/kg, each weighing more than 100 kg. After deducting expenses, his family earned a profit of over 50 million VND.