The car assembly factory of the Truong Hai Auto JSC in the Chu Lai Open Economic Zone in Nui Thanh district, Quang Nam province (Photo: VNA)
Singapore (VNA) – Vietnam’seconomy recovered in the third quarter, but growth has come in slightly weakerthan what Singaporean economists have expected.
The country’s gross domestic product (GDP) in the third quarter rebounded 2.6percent year on year, compared with 0.4 percent seen in the previous quarter,falling short of private sector economists’ expectations of 2.7 percent growth.
The recovery pace remains weak after the interruption from a temporaryresurgence of COVID-19 cases in Da Nang city in late July, said the UnitedOverseas Bank’s head of research Suan Teck Kin, adding the authorities haveregained control of the situation and businesses activities are back on track;however, they are still below “normal”.
Maybank Kim Eng economists Linda Liu and Chua Hak Bin noted that Vietnam hasescaped a recession amid the pandemic this year, but recovery has been dampenedby the emergence of a "second wave".
Suan said while the worst of the impact from COVID-19 appears tobe over, as is the case for other Asian countries, it is still "a longway" before Vietnam's economy could return to full capacity.
So far, data has shown an "anemic recovery" for theindustrial and services sector, which account for more than 70 percent ofVietnam's economy, he said. At the same time, the services sector, which isheavily reliant on inbound tourism, has been hit by border closures around theworld and could continue being in "a dismal state" for some time, headded.
He is expecting recovery to extend further in the fourth quarter, but with arestrained pace due to the ongoing pandemic, predicting a 4 percent growthin Q4 and for full-year expansion to come in at 2.8 percent.
Maybank Kim Eng economists lowered their forecast for the fourth quarter from6 percent to 4.5 percent, and for full-year growth to come in at 2.9percent instead of 3.6 percent, as the recovery momentum appears to be losingsteam.
They said that the industry and construction sectors will continue to leadthe recovery, while services will trail due to softer demand and the lack of ameaningful tourism recovery.
However, they said better recovery will be in the retail sales,which grew from 3.6 percent in August to 4.9 percent in September. This means non-tourism-relatedservices are starting to catch up./.
Vietnam’s economy is forecast to expand 1.8 percent in 2020 amid the coronavirus and bounce back in next year, while economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, according to a recent report released by the Asian Development Bank (ADB).
Vietnam is likely to be the second best performer of economic recovery in Asia-Pacific, said a report recently released by S&P Global Ratings which revised up GDP growths of regional countries this year in the light of reviving trade and consumption.
The gross domestic product (GDP) of Vietnam grew 2.12 percent year-on-year in the first nine months of 2020, according to the General Statistics Office (GSO).
Though Vietnam has done exceptionally well in quickly containing COVID-19, the pandemic has taken unprecedented toll on its economy. However, it is notable room for the country to further accelerate reforms and climb up global value chain to meet its long-term development goals, heard at a forum on September 29.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
The car assembly factory of the Truong Hai Auto JSC in the Chu Lai Open Economic Zone in Nui Thanh district, Quang Nam province (Photo: VNA) 
