Vietnam’s GDP rose by 5.33% YoY in Q3 2023, an improvement from the 4.05% recorded in Q2. However, this is less robust than the striking 13.71% surge during the same period last year. The growth was primarily driven by the service sector, which expanded by 6.24%, followed by retail and tourism. Notably, the service sector constitutes about 40% of Vietnam’s GDP. During the initial nine months of 2023, the economic expansion rate stood at 4.24% YoY, outpacing only the growth rates recorded in the same nine-month periods of 2020 and 2021 since 2011.