Economy accelerates, preparing to reach the finish line

Ho Chi Minh City, the economic locomotive, achieved a 9-month GRDP growth rate of 7.07%. Photo : Le Toan

Brightly colored painting

Although the exact growth rate of the third quarter and the first 9 months of 2025 will have to wait for the official figures announced by the General Statistics Office ( Ministry of Finance ) this morning (October 6), it can be seen that the economic picture of the first 9 months has been painted with many bright colors.

Reporting at the Government Conference with localities yesterday (October 5), Minister of Finance Nguyen Van Thang said that the economy has grown impressively, with estimated GDP growth in the third quarter of about 8%, and growth in the first 9 months estimated at over 7.8%.

"The economy has closely followed the 8% growth scenario for the whole year as reported by the Government to the Politburo and the Central Committee when synchronously implementing the set solutions," Minister Nguyen Van Thang emphasized, adding that production and business, growth drivers continue to be promoted and renewed, maintaining positive growth momentum.

Commenting on the general situation, Prime Minister Pham Minh Chinh also emphasized that the socio-economic situation in the first 9 months achieved many "positive, important, and comprehensive" results. Notably, economic growth is expected to reach a high level, the macro economy is stable, inflation is controlled, and major balances are ensured. Production and business, growth drivers continue to be promoted and renewed, maintaining positive growth momentum...

Many economic indicators can be mentioned. For example, the mining industry in the third quarter tends to recover, increasing by 9.8% over the same period; the processing and manufacturing industry continues to be the driving force for growth, increasing by about 10% in the third quarter, and 9.92% in the first 9 months, reaching the set scenario (9.9%)...

There was a positive point in industrial production, which was the Purchasing Managers' Index (PMI) for September continued to reach 50.4 points. Although this score was the same as the previous month, Mr. Andrew Harker, Chief Economist at S&P Global Market Intelligence, said on the day S&P Global announced the PMI Index of Vietnam, there was "good news" on demand for Vietnamese manufacturers in September as the number of new orders increased again and even exports - which have been continuously falling since the end of last year - showed signs of stabilizing.

“The clearer picture on tariffs seems to have helped improve customer demand for Vietnamese companies,” said Andrew Harker.

The increase in the number of new orders has led to an increase in production and imports and exports. The Ministry of Finance's report said that the total import and export turnover in September reached 82.5 billion USD, up 24.8% over the same period. In the first 9 months, the figure was 680.66 billion USD, up 17.3%; of which, exports reached 348.74 billion USD, up 16%, with an estimated trade surplus of 16.82 billion USD.

Along with positive import and export, total retail sales of goods and consumer service revenue are also continuing to accelerate. In September, the increase compared to the same period was 11.3%, and for the whole of the first 9 months, it increased by 9.5%.

Other positive indicators are that total social investment capital in the third quarter increased by 13.3% over the same period (in the first quarter it increased by 8.3%, in the second quarter it increased by 11.4%), in the first 9 months it increased by 11.6%; total registered foreign investment capital in the first 9 months reached over 28.5 billion USD, up 15.2% over the same period, realized capital reached 18.8 billion USD, up 8.5%; the number of newly registered and resuming operations in the first 9 months reached over 231,300 enterprises, up 26.4%; the total additional capital of operating enterprises was 3.3 million billion VND, up 186.5%; the number of enterprises withdrawing from the market in the first 9 months increased by 6.82%, the lowest since 2021...

Localities accelerate, the economy prepares to reach the finish line

In the general picture of the economy, the efforts of localities are also noteworthy. The report of the Ministry of Finance said that 16/34 localities achieved a 9-month GRDP growth rate of 8% or more. Of which, 6 localities had a growth rate of over 10%, the highest being Quang Ninh (11.67%), Hai Phong (11.59%), followed by Phu Tho (10.22%), Ninh Binh (10.45%), Bac Ninh (10.12%), Quang Ngai (10.15%). The two economic locomotives of Hanoi and Ho Chi Minh City achieved growth rates of 7.92% and 7.07% respectively (excluding oil and gas, up 7.69%).

Thus, these growth rates are also quite close to the tasks assigned by the Government to localities. In Resolution 226/NQ-CP, both Hanoi and Ho Chi Minh City were assigned a growth rate of 8.5%. Meanwhile, the group of localities assigned to achieve GRDP growth of over 10% include Hai Phong (12.2%), Ninh Binh (10.6%), Bac Ninh (11.5%), Quang Ninh (12.5%), Phu Tho, Hue, Quang Ngai, Can Tho all 10%.

Looking at the results achieved and the assigned tasks mentioned above, certainly, together with the whole country, localities must make great efforts to achieve the planned targets. Quang Ninh is an example.

When discussing the socio-economic situation in the past 9 months, Chairman of Quang Ninh Provincial People's Committee Bui Van Khang, although highly appreciating the results that the province has achieved in the past 9 months, with the highest GRDP growth in the past 10 years, had to admit that this figure has not yet achieved the proposed growth scenario.

According to Mr. Bui Van Khang, to achieve the growth rate of 12.5% as assigned by the Government and the target of 14% as the province strives for, in the fourth quarter of 2025, Quang Ninh must achieve a growth rate of 14.75%. This is a very high growth rate, a rather challenging task, requiring great efforts from departments, branches and localities throughout the province.

Meanwhile, Bac Ninh province is also trying to achieve its set target. According to calculations, Bac Ninh must grow by at least 12.3% in the fourth quarter of 2025.

“This is a huge pressure, requiring each department and branch to be highly focused, responsible for advising, urging, and proposing solutions to remove bottlenecks, difficulties, and obstacles to complete the tasks,” said Chairman of the People's Committee of Bac Ninh province Vuong Quoc Tuan at the province's regular meeting in September, emphasizing that the last months of the year are the final stretch to complete the socio-economic development plan and targets for 2025.

Regarding this sprint, Prime Minister Pham Minh Chinh, although highly appreciating the results achieved in the past 9 months, also emphasized that the situation in the last months of the year is still very challenging; many new tasks and issues arise, requiring all levels, sectors and localities to be more proactive, resolute and closely follow up in implementing the work.

Although the possibility of 8% growth this year is very large, the task of the entire economy is to achieve the targeted growth rate of 8.3-8.5% set by the Government.

Source: https://baodautu.vn/kinh-te-tang-toc-chuan-bi-de-ve-dich-d403207.html