Nine-month growth lays foundation for double-digit target

In the first nine months of 2026, Vietnam's economy experienced robust growth, laying a solid foundation for aiming at a double-digit growth rate for the entire year. Despite challenges in the fourth quarter, the strong start provided hope for reaching the ambitious target. The Statistics Department's head, Nguyen Thi Huong, highlighted that the estimated 9.01 percent growth in the first nine months, compared to 9.95 percent in the third quarter, set a positive tone for the year ahead.

The industrial and construction sectors significantly contributed to this growth, accounting for nearly half of the overall increase, followed closely by the services sector. This marks the first time localities have been assigned specific growth targets by the government, with 12 out of 34 localities achieving growth of 10 percent or higher.

Vietnam's total import and export turnover reached over US$888 billion during the period, with exports surpassing US$434 billion and imports nearing US$454 billion, resulting in a trade deficit of over US$19.4 billion. However, some, like Ms. Thuy, view this deficit as a sign of the economy preparing for a new growth cycle. The influx of machinery, equipment, and raw materials, particularly from foreign-invested enterprises, signals the start of high-tech sector projects, including chips and semiconductors.

Business activity was vibrant, with nearly 224,000 enterprises newly established or reopened across the nation, averaging around 25,000 each month. Conversely, 172,000 enterprises exited the market, averaging over 19,000 each month, yet the number of new entrants consistently exceeded those leaving.

While Ho Chi Minh City did not reach double-digit growth, its economic significance was emphasized. The city's GRDP growth in the third quarter was the highest in a decade at 9.86 percent, and its first nine-month growth of 9.06 percent outpaced the national average. As Vietnam's largest economic hub, Ho Chi Minh City's growth has substantial implications for the country's overall economic health.

With the Urban Development Law taking effect, Ho Chi Minh City gained greater autonomy to tackle infrastructure, finance, and governance challenges, opening new avenues for development. Achieving the 10 percent or higher annual GDP growth target will require prioritizing growth while maintaining economic stability and controlling inflation, necessitating coordinated efforts across all levels of governance.