Vietnam’s gross domestic product (GDP) expanded by 1.42 percent in the first nine months of 2021 from the same period last year, marking a great success of the country in the fight against the COVID-19 pandemic and maintaining production and business amid the prolonged period of social distancing in many provinces and cities.
Hanoi (VNA) – Vietnam’s grossdomestic product (GDP) expanded by 1.42 percent in the first nine months of2021 from the same period last year, marking a great success of the country inthe fight against the COVID-19 pandemic and maintaining production and businessamid the prolonged period of social distancing in many provinces and cities.
Data from the General Statistics Office (GSO)showed that the nation’s GDP declined by 6.17 percent annually in the thirdquarter, the sharpest drop since Vietnam began announcing its quarterly GDP figures in 2000. Of which,industry and construction contracted by 5.02 percent, services down 9.28percent, and agro-forestry-fishery down 1.04 percent.
𒁃 About the use of GDP inthe third quarter, consumption was down 2.83 percent year-on-year, assetaccumulation up 1.61 percent, exports of goods and services up 2.51 percent,and imports of goods and services moved up 10.75 percent.
The nine-month GDP growth wasthanks to the agro-forestry-fishery sector with an expansion rate of 2.74percent, contributing 23.52 percent to the overall growth; industry andconstruction with a growth rate of 3.57 percent, contributing 98.53 percent.Meanwhile, services were down 0.69 percent, pulling national growth down by22.05 percent.
Agro-forestry-fisheries continued to play its role as a mainstay of the economyamid the pandemic. Specifically, agriculture grew by 3.32 percent, contributing0.31 percentage point to the added value of the economy. Forestry and fisherieseach added 0.02 percentage point thanks to their respective expansion rates of3.3 percent and 0.66 percent.
🙈 Meanwhile, industry andconstruction, manufacturing and processing are growth driving forces of theeconomy with an expansion of 6.05 percent, contributing 1.53 percentage pointsto the added value of the entire economy.
The prolonged pandemicbadly affected trade and service activities. The wholesale and retail sector fell by 3.1 percent, the transportation and warehousing industry decreased by 7.79 percent and the accommodation and food service industry dropped by 23.18 percent.
ꦑ The health sector, in contrast, achieved the highest growth rate with a sharp increase of 21.15 percent, followed by the financial, banking and insurance industry with an increase of 8.37 percent and information and communication, up by 5.24 percent./.
Vietnam always finds a way to overcome obstacles and challenges, Chief Executive Officer (CEO) of HSBC Vietnam Tim Evans said when giving comments on Vietnam’s economy and its GDP growth prospects.
Vietnam’s economy will recover on the back of solid growth achieved in the first half of 2021 after the lockdown is lifted, Dorsati Madani, Senior Economist at the World Bank (WB) Vietnam, has said.
Vietnam needs to shift from “Zero-COVID” strategy to vaccinations as the pandemic and the risk of new outbreaks are still lingering on, according to Dr. Nguyen Duc Kien, head of the Prime Minister’s Economic Advisory Council.
Vietnam’s GDP is expected to expand by about 4.8 percent in 2021, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5 to 7 percent from 2022 onward, the World Bank has forecast.
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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.
Illustrative image (Photo: VNA) 
