The increased revision by two financial institutions came after the Vietnamese economy grew more than expected in the July to September period, expanding by 7.46% over the same quarter last year.
Such a strong performance helped to lift Vietnam’s growth in the first three quarters of 2017 to 6.4%, from 6% in the same period of 2016.
This means that Vietnam is expected to meet the growth target set by the government, which many experts had earlier considered as an elusive goal given the weaker-than-expected growth in the first half of 2017.
According to the ADB, Vietnam’s agricultural sector recovered and grew by 2.8% in the first nine months of the year, as drought eased in the Mekong River Delta and the Central Highlands.
In the meantime, industry and construction remained strong, despite being dragged down by the mining and oil subsector, with manufacturing growing robustly, expanding by 12.8% in the first three quarters of 2017.
The highest growth rate in the sector since 2011 is likely to be surpassed in the fourth quarter, which is traditionally the strongest quarter in a year, the ADB projects.
Furthermore, the services sector growth rate surged to 7.3%, from 6.7% in the corresponding period in 2016, driven by buoyant tourism and strong banking activity.
The ADB forecasts that Vietnam’s GDP growth in 2018 will remain the same as 2017 at 6.7%.
