Vietnam’s economic growth accelerated as rising foreign investment boosted manufacturing and exports, helping counter slower bank lending.
Gross domestic product rose 5.54 percent in the nine months through September from the same period a year earlier, according to an estimate given by the planning ministry ahead of the official data release from the statistics office due later today. That compares with a median estimate of 5.4 percent in a Bloomberg survey.
The government has increased efforts to clean up bad debt at banks and spur lending to businesses, while the central bank has cut interest rates and devalued the dong this year. The Asian Development Bank yesterday lowered its forecast for GDP growth this year to 5.5 percent for a seventh straight year of expansion below 7 percent, the longest such stretch according to International Monetary Fund records going back to the 1980s.
Vietnam’s exports rose 14 percent in the first nine months from a year earlier, while imports climbed 11 percent, the ministry said today. The government forecasts overseas sales to increase 11 percent this year.
Vietnam typically releases GDP data for the quarter before the end of the period.