The gross domestic product (GDP) in the first nine months of this year grows 4.24% year-on-year. (Photo: VNA)
Hanoi (VNA) – Experts have emphasised theneed for Vietnam to exert great efforts in the last three months in order toreach the yearly growth target of 6%.
Although the gross domestic product (GDP) in thefirst nine months of this year rose 4.24% year-on-year, with quarter-on-quarterincreases, challenges remain ahead, they said.
To fulfil the growth aspiration as ordered by PrimeMinister Pham Minh Chinh at the recent regular Cabinet meeting, the figureshould stay at 10.4% in the last quarter, they elaborated.
Over the past time, the Government has focused onthe three engines of investment, export and consumption, with priorities givento major sectors, while stepping up public investment disbursement, and theimplementation of the socio-economic recovery and development programme, andnational target programmes.
Domestic consumption has been affected by the global consumption slowdown as people have tightened their purse strings after the COVID-19 pandemic. (Photo: VNA)
It has also optimised opportunities to promoteemerging industries like semiconductor, AI, digital transformation, cleanenergy, green growth, circular economy and sharing economy, which are expectedto create growth momentum.
Attention has also been paid to streamliningadministrative procedures, removing obstacles to production and business, carryingforward the role of the Government’s working groups, and settling petitions andsuggestions by localities, people and businesses in an effective and timelymanner.
Can Van Luc, chief economist at state lender BIDVand a member of the National Financial and Monetary Policy Advisory Council, toldLao dong (Labour) newspaper that the domestic consumption has been affected bythe global consumption slowdown as people have tightened their purse stringsafter the COVID-19 pandemic.
Given this, he suggested stimulating domesticdemand, stressing a host of solutions taken by the Government such as reducingtaxes and fees and extending payment deadlines, lowering loan interest rates, andsupporting production and business activities.
Regarding the growth target of 7-8% set for the nextthree years, he said, it requires domestic consumption to expand by 7%, exportto rise 8.5% and total investment to increase 9%.
Nguyen Thi Viet Nga, a National Assembly deputy of thenorthern province of Hai Duong, pointed out that among the economicdrivers, domestic consumption remains weak, which requires strong solutions to staybrisk.
To achieve the growth target of 6%, she suggestedrolling out strong fiscal solutions, accelerating public investmentdisbursement, and flexibly combining fiscal and credit policies together./.
Vietnam’s gross domestic product (GDP) increased by 4.24% year-on-year in the first nine months of 2023. While the rate only exceeds the figures recorded in 2020 and 2021, which were significantly affected by COVID-19, it is still seen as a positive outcome, according to the General Statistics Office.
Despite headwinds, Vietnam has managed to show strong performance in the first nine months of this year, posting a gross domestic product (GDP) growth of 4.24%, said Deputy Minister of Planning and Investment Tran Quoc Phuong at a seminar in Hanoi on October 5.
The ASEAN+3 Macroeconomic Research Office (AMRO) has just revised the growth forecast for Vietnam’s economy in 2023, increasing it to 4.7% from the previous 4.4% stated in the July report.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
The gross domestic product (GDP) in the first nine months of this year grows 4.24% year-on-year. (Photo: VNA) 
Domestic consumption has been affected by the global consumption slowdown as people have tightened their purse strings after the COVID-19 pandemic. (Photo: VNA) 
