Vietnam's Economy Surges Despite U.S. Tariffs
Despite facing a 20% U.S. tariff since August 7, Vietnam's economy grew by 8.23% in the third quarter, supported by foreign investments and tourism. While exports to the U.S. saw a decline, the overall trade experienced a surplus, with significant growth in retail sales and consumer lending bolstering economic expansion.
Vietnam's economy recorded a significant acceleration in the third quarter, defying the challenges posed by a 20% U.S. tariff on its exports since August 7, according to government data released on Monday.
The nation's GDP grew by 8.23% between July and September, outperforming expectations and maintaining Vietnam's target growth rate of 8.3%-8.5% for the year. Despite decreasing exports to the U.S., driven by reductions in footwear and textile shipments, the country saw a remarkable increase in foreign investment and rising exports in other sectors.
While exports to the U.S. declined for the second consecutive month, overall exports rose by 18.4% year-on-year. The stock market responded positively, climbing 2% after the data was announced. Support from tourism, lending, and consumer activities further contributed to Vietnam's economic resilience.
(With inputs from agencies.)
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