Gross domestic product slipped from 5.77 percent expansion in the same period last year, the General Statistics Office (GSO) said, adding that the economy has seen a range of "difficulties and challenges" that need to be overcome.
The figure is also well below the government's target of 5.5 percent growth for the whole of 2012 -- a figure which had already been revised down from 6.0-6.5 percent at the start of the year.
Industrial output grew 4.36 percent in January-September, compared with 7.8 percent for the same period last year, while agriculture notched up just 2.48 percent growth, from 4.1 percent last year, due to flooding and disease affecting livestock, the GSO said.
The GSO also said inflation accelerated in September for the first time in 12 months, up 6.48 percent year-on-year.
The country has fought to contain inflation, which peaked at 23 percent in August last year, forcing the government to repeatedly hike rates to prevent the economy overheating.
The moves successfully reined in soaring price rises, but the central bank reversed course this year, cutting rates five times as economic growth began to slow.
But the GSO warned "there is a risk prices of goods will rise", especially ahead of an expected annual uptick in economic activity at the end of the year.
As it struggles to get a grip on the economy the government was this month forced to deny media reports it will seek a bailout from the International Monetary Fund.
Prime Minister Nguyen Tan Dung said Vietnam did not need financial assistance "given the country's current positive macro-economic situation, balance of payments, foreign currency reserves and market confidence", Vietnam News Agency reported.-Yahoo News (September 28, 2012 1:00AM)
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