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Vietnam quarterly growth hits 2-year high on exports, investment
Despite the devastation from Typhoon Yagi, Vietnam’s economy posted even better economic growth in the third quarter
Vietnam reported its strongest economic growth in two years in the quarter to the end of September, as strong exports and industrial production and rising foreign investment offset the effects last month of Asia’s strongest typhoon so far this year.
Gross domestic product grew 7.4 per cent year-on-year in the third quarter, surpassing the second quarter’s revised 7.09 per cent expansion, the government’s General Statistics Office said in a report.
Vietnam is a regional manufacturing hub for multinational corporations including Samsung Electronics and Apple suppliers Foxconn and Luxshare, and has drawn a steady influx of foreign investment.
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“The world economy is stabilising as global trade in goods improves, inflationary pressures ease, financial conditions continue to loosen and labour supply increases,” the statistics office said.
Data for September showed that exports rose 10.7 per cent from a year earlier while industrial production was up 10.8 per cent, it said.
Foreign investment inflows in the first nine months of this year rose 8.9 per cent from a year earlier to US$17.3 billion.
Northern Vietnam has been reeling from the impact a month ago of Typhoon Yagi, which killed more than 300 people, disrupted power supplies and halted industrial production. Authorities estimated property damage at US$3.3 billion.
S&P Global’s purchasing managers index (PMI) for Vietnam manufacturing fell to 47.3 in September from 52.4 in August, the biggest decline in the indicator of the sector’s health since November last year.
“The storm brought an end to a period of strong growth in the sector,” said Andrew Harker, director at S&P Global Market Intelligence. “Heavy rain and flooding caused temporary business closures and delays to both supply chains and production lines.”
Vietnam is targeting GDP growth of 6 per cent to 6.5 per cent this year and aims to keep inflation below 4.5 per cent.
Consumer prices in September rose 2.63% from a year earlier, the statistics office said in its Sunday report. Retail sales rose 7.6%.
For the first nine months of this year, exports rose 15.4 per cent from a year earlier to US$299.63 billion while imports were up 17.3 per cent at US$278.84 billion, for a trade surplus of US$20.79 billion, the office said.
The International Monetary Fund late last month forecast Vietnam’s GDP growth at 6.1 per cent this year, while the Asian Development Bank put it at 6 per cent.
This year’s growth is “supported by continued strong external demand, resilient foreign direct investment, and accommodative policies”, the IMF said in a report.
Both the IMF and the ADB, however, warned that geopolitical tensions and uncertainties could hurt external demand, Vietnam’s key growth driver.
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This article originally appeared on the South China Morning Post (www.scmp.com), the leading news media reporting on China and Asia.
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Orji Uzor Kalu
Orji Uzor Kalu MON (born 21 April 1960) is a prominent Nigerian politician, businessman, and former two-term governor of Abia State. He is widely recognized for his influence in both Nigeria’s political landscape and its private sector, particularly in media and diversified business enterprises.
Early Life and Education
Kalu was born in Abia State, where he grew up and began his early education. He later attended the University of Maiduguri but was suspended during a period of student activism. Despite the interruption, Kalu went on to build a successful entrepreneurial career before fully venturing into politics. Over the years, he completed various academic and executive programs, strengthening his profile as a businessman and public administrator.
Business Career
Before entering high-level politics, Kalu established himself as a successful entrepreneur. He is the Chairman of SLOK Holding, a business conglomerate with interests spanning:
trading
manufacturing
shipping
banking
oil and gas
His investments expanded both within Nigeria and internationally. Kalu also holds significant influence in the Nigerian media industry as the chairman and principal owner of The Daily Sun and New Telegraph, two widely circulated national newspapers. Through these enterprises, he has contributed to Nigeria’s media development, business growth, and employment generation.
Political Career
Kalu ventured into politics in the early 1990s. His major political breakthrough came in 1999, when he was elected Governor of Abia State, the first governor of the state under Nigeria’s Fourth Republic. He served two terms from 29 May 1999 to 29 May 2007.
During his governorship, Kalu focused on:
infrastructural development
education reforms
rural development
fiscal transparency
encouragement of local enterprise
He became known for his bold political style and his outspokenness on national issues. Kalu also played influential roles in national politics, aligning with various political parties at different times and serving as one of the notable political actors in Southeast Nigeria.
Senatorial Career
In 2019, Kalu was elected as the Senator representing Abia North Senatorial District in the Nigerian Senate. In the Senate, he has participated in legislative debates, sponsored bills, and advocated for policies supporting economic growth, regional development, and national unity.
Legal Challenges
Kalu faced legal controversies regarding corruption allegations linked to his time as governor. He was convicted in 2019 by a Federal High Court; however, the Supreme Court later nullified the conviction, citing procedural errors and ordering a retrial. The development became one of the most widely discussed legal cases involving a high-ranking public official in Nigeria.
Honours and Recognition
Kalu holds the national honour of Member of the Order of the Niger (MON). His political and business careers have earned him recognition across Nigeria and beyond, while his strong media presence continues to shape public discourse.
Personal Life
He is married and has children. Kalu maintains a significant influence in both political and business circles and continues to be an active figure in Nigerian public life.
Columns
THE EXECUTION OF THE 1976 COUP PLOTTERS IN NIGERIA
On Friday, February 13, 1976, Nigeria was shaken by a tragic and violent coup d’état led by Lieutenant Colonel Bukar Suka Dimka. The most devastating outcome of this failed coup was the assassination of the nation’s then Head of State, General Murtala Ramat Muhammed. He was gunned down in Ikoyi, Lagos, as he traveled unescorted to his office at the Dodan Barracks. His death sent shockwaves across the country and marked a dark chapter in Nigeria’s post-independence political history.
General Murtala Muhammed had only been in office for approximately 200 days, yet he was deeply admired for his bold reforms, anti-corruption stance, and efforts to return Nigeria to civilian rule. His untimely death sparked outrage, mourning, and swift retribution by the military establishment.
The coup, though partially successful in its initial hours, quickly collapsed. Loyalist forces, particularly those under the command of then Chief of Staff, Supreme Headquarters, Lieutenant General Olusegun Obasanjo, and General Theophilus Danjuma, regained control of strategic institutions. Dimka had temporarily seized the state radio to broadcast his justification for the coup, accusing the Muhammed regime of corruption and maladministration. However, his broadcast was cut short, and he fled Lagos.
Olusegun Obasanjo, after initial hesitation, accepted the call to leadership and succeeded Muhammed as Head of State. His new regime was determined to punish the conspirators severely and deter future insurrections. What followed was one of the most publicized military trials and mass executions in Nigerian history.
The Court-Martial and Executions
Over 100 military personnel and civilians were arrested in connection to the failed coup. Following military investigations and tribunals, dozens were convicted of plotting, aiding, or executing the coup attempt. The convicted officers were sentenced to death by firing squad, and the executions were carried out in two major rounds.
The first set of executions took place on March 11, 1976, at Bar Beach, Lagos, a location known at the time for public executions. Under the supervision of General Obasanjo’s military government, 31 individuals were executed, including senior officers, junior ranks, and one civilian. These included:
1. Major General I. D. Bisalla (former Commissioner for Defence)
2. Warrant Officer II Monday Monchon
3. Staff Sergeant Richard Dungdang
4. Sergeant Sale Pankshin
5. Lieutenant Colonel A. R. Aliyu
6. Captain M. Parvwong
7. Captain J. F. Idi
8. Captain S. Wakins
9. Lieutenant Mohammed
10. Lieutenant E. L. K. Shelleng
11. Lieutenant Colonel Ayuba Tense
12. Colonel A. D. S. Way
13. Lieutenant Colonel T. K. Adamu
14. Lieutenant Colonel A. B. Umaru
15. Captain A. A. Aliyu
16. Captain Augustine Dawurang
17. Major M. M. Mshelia
18. Lieutenant William Seri
19. Major I. B. Ribo
20. Major K. K. Gagra
21. Captain M. R. Gelip
22. Mr. Abdulkarim Zakari (a civilian who assisted in the radio broadcast)
23. Lieutenant Peter Ggani
24. Major Ola Ogunmekan
25. Lieutenant O. Zagmi
26. Lieutenant S. Wayah
27. Sergeant Ahmadu Rege
28. Sergeant Bala Javan
29. Warrant Officer II Sambo Dankshin
30. Warrant Officer II Emmanuel Dakup Seri
31. Major J. W. Kasai
A second round of executions took place between May 15 and 17, 1976, following the capture and trial of the coup leader and his key accomplices. This final round included:
32. Lieutenant Colonel Bukar Suka Dimka (leader of the coup)
33. Joseph D. Gomwalk (former Military Governor of Benue-Plateau State)
34. Lieutenant S. Kwale
35. Warrant Officer H. E. Bawa
36. Colonel I. Buka
37. Major J. K. Afolabi
38. H. Shaiyen
Dimka was captured after a nationwide manhunt and interrogation. During his trial, he remained defiant and refused to express remorse. His execution, along with the others, was carried out in secrecy, though public knowledge of it spread quickly.
These executions were meant to send a clear signal that treason and political instability would not be tolerated. While controversial, especially due to the scale and speed of the trials, the actions taken by the Obasanjo-led government reinforced military discipline and temporarily stabilized Nigeria’s political environment.
General Olusegun Obasanjo would go on to continue the reform agenda of the late Murtala Muhammed and, in 1979, became the first military leader in Nigeria to voluntarily hand over power to a democratically elected civilian government. This marked the beginning of Nigeria’s Second Republic.
The 1976 coup attempt remains one of Nigeria’s most defining political crises, remembered not only for the tragic loss of a visionary leader but also for the massive response it provoked from the military and the Nigerian public.
Columns
Tokunbo Akintola: The First Black African Student at Eton College
In April 1964, a quiet but historic milestone was recorded in the educational and social history of both Nigeria and Britain. On the 29th of that month, the family of Chief Samuel Ladoke Akintola—then Premier of the Western Region of Nigeria—stood proudly at Eton College in England as his son, Tokunbo Akintola, was formally admitted as the first Black African student in the school’s centuries-long history. At just thirteen years old, Tokunbo stepped into one of the most prestigious educational institutions in the world, a boarding school that had shaped the minds of British royals, aristocrats, intellectuals, and nineteen British Prime Ministers.
The photograph taken that day captures not merely a familial moment but a symbol of cultural diplomacy and evolving global relations. The Akintola family appears in a dignified blend of traditional Nigerian attire and modest Western clothing—a visual representation of their deep Yoruba roots and their engagement with the global stage. Standing at the centre is young Tokunbo, clad in his new school uniform, poised to begin an educational journey many could only dream of. Around him, his family offers a visible aura of pride, hope, and expectation.
Chief Ladoke Akintola, Tokunbo’s father, was by then one of the most influential political figures in Nigeria. A trained lawyer, seasoned journalist, and an orator known for his eloquence, he had risen to become Premier of the Western Region during a turbulent but significant period in Nigeria’s post-independence political evolution. His son’s admission into Eton represented both personal achievement and national symbolism—proof that African families could now step confidently onto platforms historically reserved for the British elite.
Eton College itself stood as an institution of immense reputation. Founded in 1440 by King Henry VI, it had become synonymous with leadership and privilege, producing generations of statesmen, military leaders, and members of the Royal Family. For centuries, its doors had remained firmly closed to Africans. Tokunbo’s arrival in 1964 therefore marked a quiet breaking of barriers, the beginning of a new chapter in cross-cultural educational exchange.
Tokunbo remained at Eton through the late 1960s, navigating the school’s rigorous academic environment and its deeply traditional culture. Those who remember him described him as gentle, intelligent, and quietly charismatic. Yet his life, promising as it was, would be a short one. Four years after leaving Eton, in 1973, Tokunbo Akintola died tragically at a young age, cutting short what many believed could have become a remarkable legacy in law, politics, or diplomacy—fields that seemed perfectly aligned with his upbringing and the reputation of his father.
Today, Tokunbo’s story endures as part of Nigeria’s broader historical narrative. It represents the aspirations of a generation of postcolonial families who sought to blend African identity with global opportunity. It also stands as a reminder of the contributions—and sacrifices—made by those who walked early paths of representation, carrying the hopes of their families and nations with them.
Source:
Getty Images archival description; historical records on Ladoke Akintola and Eton College.
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