Industry and construction grow 12.9% year on year, according to WB. (Photo: Dang Hieu/dangcongsan.vn)

According to the World Bank’s Vietnam Macro Monitoring Report for October, Vietnam’s GDP grew 13.7% more in the third quarter than it did last year.

This record high growth rate was partly due to a “low-base” effect, as the economy shrank 6% in the third quarter of 2021 following prolonged lockdowns to contain the COVID-19 pandemic.

The service sector, which was hit hardest last year, posted the highest growth rate this year (18.9%) and contributed 8.5 percentage points to the overall GDP growth rate.

Accommodation and catering services exceeded their pre-pandemic levels for the first time since the second quarter of 2020, thanks to strong recovery of domestic demand and the return of foreign tourists.

Industry and construction grew 12.9% and contributed 4.9 percentage points to the overall GDP growth.

The industrial production index grew 1.8% more than last month. The labor force participation rate improved slightly from 68.5% in the second quarter to 68.7% in the third quarter.