Vietnam economy grows 5.3pc in third quarter

AFP, Hanoi :
Vietnam’s economy grew 5.3 percent on-year in the third quarter, official data showed Friday, though experts warned it was on course to miss an ambitious year-end target.

Loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact, the General Statistics Office (GSO) said.

But analysts warn it will be an uphill battle for the clothing, shoes and electronics manufacturing hub to reach a year-end target of 6.5 percent expansion for 2023.

“Vietnam would only reach a year-end economic growth of between 4.5 percent and 4.7 percent, much lower than the government’s set target,” Rong Viet Stocks Company chief economist Tran Thi Ha My told AFP.