Macro update - Vietnam economy continues its recovery trend in Q3 2023


Q3 GDP is estimated to grow by 5.33%YoY, significantly lower than pre-pandemic level but in a positive trend (GDP grew by 3.28% in Q1, 4.05% in Q2, 5.33% in Q3). 

For 9M2023, GDP grew by 4.24%YoY with main contribution from services sector, increased by 6.32%YoY and contributing 68.57% to overall growth. Industry and construction sector, agriculture sector grew by 2.41% (contributing 22.27%) and 3.43% (contributing 9.16%), respectively.

We expect the economy continues to recover in Q4 with growth rate of 7%YoY thanks to lower level of interest rate and easing of capital flows to reach 5%YoY growth in 2023, corresponding with the scenario 1 of Ministry of Planning and Investment. 

In order to reach best growth target of 6% for 2023, the Government focus on macro-coordination between 4 Ministers (Planning and Investment, Finance, Industry and Trade, State Bank) to achieve synchronization and harmony between policies.

Ly Bui

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