Viet Nam recorded a GDP (gross domestic product) growth rate of 6.52 per cent in the first nine months of the year, according to Viet Nam's  Ministry of Planning and Investment.

The figure represents a year-on-year decrease of 1.64 per cent over the same period last year.

Viet Nam set a target of 8.5-9 per cent GDP growth in 2008, however, the National Assembly recently adopted a government proposal to reduce the target to 7 per cent in light of global economic difficulties.

The consumer price index posted a growth rate of 27.9 per cent over the past three quarters, said the ministry.

The industrial sector registered a growth rate of 16 per cent during the same period.

The reduction is attributed to slow growth in the construction sector as a result of material price hikes, and the high bank interest rate which stands at between 20-25 per cent.

During the past three quarters, the export sector earned US$48.5 billion. The Association of Southeast Asian Nations (Asean) has become the biggest export market, followed by the US and the European Union.

Purchasing power recorded gains though with retail sales reaching VND694 trillion (US$40.8 billion), representing year-on-year growth of over 30 per cent.