Vietnam Expects Economy to Grow 7% in 3Q22

The Vietnamese government expected its gross domestic product to expand above 7% in the third quarter of this year, but warned of challenges ahead and the possibility of external shocks.

A 7% reading would be slightly lower than its second quarter when the economy soared 7.72% and after a 5.05% expansion in the first quarter.

The government had set an economic growth target for 2022 at the range of 6.0% to 6.5%.

Despite high growth in the first half of 2022, the Vietnamese government stated that the economy is small and has limited resilience, thus, a small external shock could leave an adverse impact on it, referring to global inflationary concerns.

Vietnam’s consumer price index rose 3.6% in August from end-2021, but still below the government’s high target of 4% this year.