HANOI: Vietnam’s gross domestic product (GDP) grew 7.4% year-on-year in the third quarter on the back of strong exports and industrial production, government data showed on Sunday.

Consumer prices in September rose 2.63% from a year earlier, the General Statistics Office said in a report. Industrial production in the month rose 10.8% and retail sales rose 7.6%, it added.

Third-quarter GDP showed the highest quarterly expansion in two years, despite the impact of Typhoon Yagi which hit the country last month.

Vietnam economy expands 6.4 percent in first half of year

Exports in September rose 10.7% from a year earlier to $34.05 billion, while imports were up 11.1% at $31.76 billion, the statistics office said.

This resulted in a trade surplus of $2.29 billion.