According to the ministry’s report, the global situation remains highly volatile, marked by numerous difficulties, major challenges, and risk factors. Domestically, opportunities and advantages exist alongside obstacles and hardships with challenges continuing to outweigh favorable conditions.
In its report to the Government during the regular September cabinet meeting this morning, Minister of Finance Nguyen Van Thang stated that third-quarter GDP growth was estimated at 8.22 percent year-on-year.
During the third quarter alone, Vietnam experienced eight storms, including four major ones in September. Notably, typhoon Bualoi ( storm No. 10) brought extremely strong winds, a wide impact area, and prolonged duration, accompanied by heavy rainfall, resulting in severe damage. Preliminary estimates put total losses at more than VND16.5 trillion (US$625.43 million).
In this context, the Government, the Prime Minister, and all ministries, agencies, and localities completed a monumental volume of work. The entire system demonstrated extraordinary effort, proactively and effectively responding to the situation and addressing emergent, sudden issues.
Consequently, a vast and complex workload was successfully managed within a very compressed timeframe. As a result, the socio-economic situation over the nine-month period continued to maintain positive growth momentum, achieving numerous significant, prominent, and comprehensive results.
The 8.22 percent growth rate of third quarter GDP was underpinned by significant increases in added value across key sectors. Of these, the agriculture, forestry, and fishery sector grew by over 3.7 percent; the industry and construction sector expanded by nearly 9.5 percent; and the service sector increased by more than 8.5 percent. Overall nine-month GDP growth reached nearly 7.9 percent year-on-year, closely aligning with the annual growth scenario of 8 percent subject to the synchronized implementation of set solutions.
Business production and key growth drivers continue to be fostered and revitalized, maintaining positive growth momentum. Growth in both the agriculture and service sectors sustained a relatively strong pace despite significant impacts from natural disasters, storms, and floods, particularly during September and Q3. The mining industry showed signs of recovery in Q3, increasing by 9.8 percent. Processing and manufacturing remained the leading growth driver, increasing by approximately 10 percent in Q3 and by over 9.9 percent for the nine-month period, thus meeting the targeted scenario (of 9.9 percent).
The Consumer Price Index (CPI) for September rose by nearly 3.4 percent year-on-year, with the nine-month increase standing at 3.3 percent. Supply and prices in areas affected by natural disasters were well-controlled. Credit growth remained high, while the average new lending interest rate continued its downward trend. The stock market and corporate bond market continued to develop vibrantly. State budget revenue for the nine-month period reached VND1.92 quadrillion, achieving nearly 99 percent of the full-year estimate and increasing by nearly 31 percent year-on-year.
The number of enterprises newly registered and returning to operation reached 27,500 in September, a surge of nearly 56 percent year-on-year. For the nine-month period, this figure totaled over 231,000 enterprises, marking an increase of over 26 percent. The total additional capital injected by currently operating enterprises was VND3.3 quadrillion, an increase of nearly 186 percent.
