Vietnam’s economic growth quickened in the third quarter, boosted by foreign investments and an export boom.
Key Points
- Gross domestic product rose 6.4 percent in the third quarter from a year earlier, up from 5.8 percent in the previous three months, the General Statistics Office said in Hanoi Thursday.
- In the nine months through September, the economy grew 5.9 percent, compared with the median estimate of 5.8 percent in a Bloomberg survey of four economists.
Big Picture
Growth is being buoyed by rising foreign direct investment and exports, stronger credit demand and a slight recovery in agriculture following a crippling drought. Vietnam’s economy has benefited in the past five years from companies such as Samsung Electronics Co. setting up plants in the country, transforming it into a manufacturing hub for electronics goods, including smartphones.
Other Details
- Exports rose 6.7 percent in the first nine months of the year compared to the same period in 2015
- Imports rose 1.3 percent in the period
- Vietnam posted a trade deficit of $100 million for the month of September compared with a revised surplus of $573 million in the previous month
Source: http://www.bloomberg.com/
Key words: Vietnam’s Economy, Expands 6.4%, in Third Quarter, on Export Boom.
