Vietnam GDP growth edges up a measly 5.4%

But this is still below the government's target of 6% for the whole year.

According to BBVA Research, Vietnam's GDP growth edged up by 5.4% y/y in the third quarter from 4.7% y/y in Q2. The outturn is below the government’s target of 6% for the full year, partly due to slow credit growth amid a troubled banking system.

Here's more from BBVA:

To support the economy, authorities have applied monetary and fiscal easing measures over the past few months, with 500 bps in rate cuts and various tax cuts and spending projects. We project full-year growth to reach around 5½%, down from 5.9% last year.

Separately, Vietnam reported export growth of 22.1% y/y in September mainly due to a recovery in crude oil exports, although strong imports caused Vietnam's trade balance to swing to a USD 150mn deficit.

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