Vietnam economy preserves acceleration momentum on exports

GSO’s September could provide an optimistic sentiment for investors with higher-than-expected economic growth, a steady export value, a steady FDI disbursement, and soft inflation despite the Yagi typhoon in September was estimated to cause nontrivial economic losses. Most notably, real GDP grew 7.40% YoY this quarter, 0.31ppts-higher than 2Q24 and 1.31ppts-higher than the market consensus. The 3Q24 economic performance leads government goals, pointed out in the 01/NQ-CP Resolution, to be more achievable. Generally, growth engines remain favorable this month with the expanding export value, especially in the FDI bloc, primarily driving the economic output to accelerate. On the downside, domestic consumption persisted depressed, and Yagi-damaged agricultural and fishery output could put upward pressure on inflation.