6-11-2024 (HANOI) Vietnam’s economy maintained its upward trajectory as the nation recorded a $2 billion trade surplus in October, though showing a slight decline from September’s figures, according to newly released government data.
The Southeast Asian manufacturing powerhouse witnessed a 10.1 per cent year-on-year increase in exports last month, whilst imports grew at a brisker pace of 13.6 per cent, as reported by the General Statistics Office (GSO).
Examining the broader January-October period, the country’s export performance demonstrated remarkable resilience, surging 14.9 per cent compared to the previous year to reach $335.586 billion. Import figures for the same period climbed 16.8 per cent, totalling $312.28 billion.
Industrial output, whilst maintaining positive growth, showed signs of moderation with a 7.0 per cent year-on-year increase in October, down from September’s more robust 10.8 per cent expansion.
The Vietnamese government’s economic aspirations remain ambitious, with the Prime Minister recently expressing determination to exceed the projected growth rate of 6.8-7.0 per cent for the current year. This optimism is bolstered by the nation’s impressive third-quarter performance, which saw annual growth reach a two-year peak of 7.4 per cent.
On the inflation front, Vietnam has maintained steady control, with the consumer price index recording a 2.89 per cent year-on-year increase in October, comfortably beneath the government’s established ceiling for 2024.
