Vietnam's Gross Domestic Product (GDP) for the third quarter of 2024 recorded a growth of 7.4% compared to the same quarter in the previous year.

However, the period also saw a significant number of businesses withdrawing from the market, totaling 163,000, according to the General Statistics Office (GSO) at a press conference on September 6, 2024.

The GDP growth for the first nine months of 2024 was estimated at 6.82%. The agricultural, forestry, and fisheries sectors contributed 5.37% to the total value added with a growth of 3.2%.

The industrial and construction sectors increased by 8.19%, contributing 46.22%, while the services sector grew by 6.95%, contributing 48.41% to the economy.

The GSO highlighted the economy's resilience and the political system's commitment to socio-economic development strategies that adapt quickly to global economic fluctuations and recover from severe impacts of natural disasters.

Despite the strong economic performance, the number of businesses exiting the market remains high, increasing by 21.5% compared to the same period last year. On average, about 18,200 businesses withdrew from the market each month.

Conversely, over 183,000 businesses registered as new or resumed operations in the first nine months of 2024, marking a 9.7% increase compared to the same period in 2023.

This translates to an average of more than 20,300 businesses starting or resuming each month.

A survey of business trends in the processing and manufacturing industries for the third quarter of 2024 showed that 34.7% of businesses saw an improvement over the second quarter, 42.6% reported stable conditions, and 22.7% faced difficulties.

Looking ahead to the fourth quarter of 2024, 42.2% of businesses anticipate an improvement, 40.4% expect stability, and 17.4% predict more challenging conditions.

Binh Minh