Gross domestic product (GDP) growth rate in the third quarter reached 7.4%. GDP in the first 9 months increased by 6.82%.
7.4% is speed GDP growth (GDP) in the third quarter. Achieving the above positive results is thanks to the great efforts and determination of the entire political system, from the Central to the local levels. Especially, right after the storm After storm No. 3, the Government issued Resolution 143 to quickly stabilize the people's situation, promote the recovery of production and business, and actively promote economic growth, good control of inflation.
Except for the years with high volatility due to the COVID-19 pandemic in the period from 2020 - 2023, the level GDP growth The first 9 months of each year were quite stable, fluctuating between 5% and 7%. This year, the GDP in the first 9 months increased by 6.82%. This is proof that the Vietnamese economy has recovered and returned to the growth trajectory as before the COVID-19 pandemic.
First is agriculture, the sector most affected by storm No. 3, causing the added value of this sector to increase by 3.2% in the first 9 months. Although lower than in recent years, compared to before the pandemic, this is still a high rate.
Second is the service sector, which accounts for the largest proportion of the economic sector. This sector has maintained a positive growth rate of 6.95% in the past 9 months, similar to the growth rate in the years before the pandemic. The Government and the Prime Minister have been proactive and determined in directing and managing prices, especially in the context of natural disasters. We are also entering the biggest shopping season of the year, and distribution units are actively preparing to implement plans to stabilize goods, stimulate consumption, and ensure that people's shopping needs are met.
1pm, not rush hour, but a supermarket is still bustling with shoppers. There are about 50 checkout counters, currently operating at full capacity to serve customers. Although the staff work very quickly, consumers still have to wait in line to pay. A representative of this supermarket said that there will be tens of thousands of transactions here every day, the number of transactions will increase steadily in the last months of the year.
Mr. Le Manh Phong - CEO of GO & Tops Market Hanoi supermarkets and hypermarkets said: "The current consumer psychology is to save more than in previous periods, which can be clearly seen in the structure of the shopping basket. Essential goods and fresh food have very high growth rates, while non-essential and non-food groups have lower growth rates.
Aiming at the psychology of prioritizing indispensable items, to boost sales, the distribution system also prioritize proportion Promotion These items are more numerous and have diversified distribution channels.
"Daily promotions, weekend promotions, especially great deals, the more you buy, the more discounts you get. We have many promotional programs for customers," shared Ms. Nguyen Thi Kim Dung - Director of Co.op Mart Hanoi Supermarket.
"We have created online zalo groups on social media to discuss shipping to customers, we also assign all employees to work to deliver goods to customers," said Ms. Nguyen Thi Bich Ngoc - Director of BRGMart supermarket 120 Hang Trong.
The Ministry of Industry and Trade said that from now until the end of the year, localities and distribution systems will continuously update the quantity of goods, prices and stimulus programs to suit each locality and each peak time of the year.
Production flourishes thanks to many supporting drivers
Finally, the industrial and construction sector was a bright spot in the past nine months. Of which, the processing and manufacturing industry was the growth driver with a growth rate of 9.76%, much higher than the 1.94% of the same period last year.
In fact, some export-oriented manufacturing sectors have increased. For example, garment and footwear enterprises have taken advantage of foreign markets such as the instability in Bangladesh, many orders have been transferred to Vietnamese enterprises. At this time, enterprises in Ho Chi Minh City are also rushing to produce to prepare for the year-end consumption season.
Instead of having to export orders of 10,000 products as before, this enterprise now accepts orders of 1/10, from 1,000 products, but with higher quality requirements. Applying technology to production helps enterprises simplify the process, changing in time to meet the requirements of small orders. Thanks to that, the number of orders is now more than 10% compared to the same period last year.
Mr. Pham Van Viet - Chairman of the Board of Directors of Viet Thang Jean Company said: "The main advantage is that during the recent period of reduced orders, businesses also restructured and changed technology clusters. Technology applications should be adjusted and adapted to small orders. This is the main reason we received enough production orders."
Over the past 9 months, the textile industry is one of many key industries that recorded double-digit growth in industrial production index compared to the same period last year. The fact that businesses increasingly focus on investing in automation technology has helped increase the value of export products and strengthen resilience to fluctuations in the world market.
According to some business associations, many businesses have stable orders until the end of this year. Some have orders for the first quarter of next year.
Mr. Nguyen Chanh Phuong - Vice President of the Handicraft and Wood Processing Association of Ho Chi Minh City (HAWA) said: "When the efficiency of enterprises is increased, the current interest rate is also relatively stable, then I think at the end of the year or next year, enterprises that invest in technology and e-commerce will become two factors that create motivation for business growth".
Policies to support capital for business recovery continue to be promoted. For example, in Ho Chi Minh City, the government has prepared a budget of VND1,500 billion to implement a program to support loan interest rates for businesses to stimulate investment.
Mr. Bui Ta Hoang Vu - Director of the Department of Industry and Trade of Ho Chi Minh City said: "In the first 9 months of the year, the State Bank of Ho Chi Minh City, the Department of Industry and Trade, and other departments and branches have implemented the program to connect banks and businesses. Currently, some districts have done it for the 2nd and 3rd time. The program's targets are basically almost completed, with preferential credit packages for groups of industries that need support."
One of the driving forces to promote production is that the Government and ministries, branches and localities work together with associations and businesses to make good use of opportunities. Free Trade Agreement which Vietnam signed in the context of global market recovery.
Shifting growth focus
At the Government press conference, the leader of the Ministry of Planning and Investment affirmed that in order to reach the target of 7% growth for the whole year, there needs to be a balance in growth focus. For example, if the agricultural and tourism sectors are affected, industry and construction will accelerate. Or, shifting growth between localities.
Mr. Tran Quoc Phuong - Deputy Minister of Planning and Investment said: "Localities that are not affected and have potential need to share and make more efforts to compensate for the losses of affected localities. In the report, we recommended to the Prime Minister that the two major localities are Hanoi and Ho Chi Minh City. If the growth of these two localities strives to be higher, it will have a positive impact on the growth of the whole country".
Continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy. Strive to achieve a GDP growth rate of over 7% for the whole year, and a growth rate of 7.5 - 8% in the fourth quarter. This is one of the 12 key tasks and solutions pointed out by the Prime Minister at the regular Government meeting held on October 7. In particular, focusing on promoting and creating breakthroughs Disbursement of public investment capital, striving to achieve a disbursement rate of at least 95%.
On the business side, they are also confident in their own production and business activities. Quoting a figure from the General Statistics Office, over 80% of businesses in the processing and manufacturing industry forecast that the production and business situation in the fourth quarter will be better or more stable than in the third quarter. A stable macro environment and internal confidence from businesses are the driving forces for the economy to accelerate in the last quarter of the year.
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