Vietnam’s GDP grew by 5.05% in 2023, lower than target by one percentage point, but still outpacing many other nations, according to the government.

A person shops at a supermarket in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Over the past decade, this growth rate surpassed only those of 2020 and 2021, years significantly affected by the Covid-19 pandemic.

GDP in the last quarter rose 6.72% year-on-year.

Nguyen Thi Huong, the General Director of the General Statistics Office, commented on Vietnam’s economic performance, highlighting it as a notable achievement in the face of worldwide challenges.

“Vietnam’s efforts are shown by rising quarterly growth rates.”

Vietnam’s GDP is now at $430 billion. GDP per capita is at $4,284, up 3.88% year-on-year. Average labor productivity is at $8,380, up 3.38%.

The Consumer Price Index, which measures inflation, rose 3.25%, well below the National Assembly target of keeping it under 4%.

The services sector grew 6.82%, with increases in retail, transportation, logistics, finance, banking and insurance.

Industry and construction faced challenges amid declining demand and grew only by 3.02%. Manufacturing and processing hit a 13-year low growth rate of 3.62%.

Trade fell 6.6% to $693 billion due to global economic challenge. Trade surplus reached $28 billion.

Phuong Anh (Source: e.vnexpress.net)