HANOI: Vietnam reported its strongest economic growth in two years in the quarter to end-September, as strong exports and industrial production and rising foreign investment offset the effects last month of Asia's strongest typhoon so far this year.
"The world economy is stabilising as global trade in goods improves, inflationary pressures ease, financial conditions continue to loosen and labour supply increases," the statistics office said. Northern Vietnam has been reeling from the impact a month ago of Typhoon Yagi, which killed more than 300 people, disrupted power supplies and halted industrial production. Authorities estimated property damage at US$3.3 billion.
Vietnam is targeting GDP growth of 6.0 per cent to 6.5 per cent this year and aims to keep inflation below 4.5 per cent. The International Monetary Fund late last month forecast Vietnam's GDP growth at 6.1 per cent this year, while the Asian Development Bank put it at 6.0 per cent.