Vietnam’s GDP grew at its best rate in more than a decade this year, 8.02 despite an impending global recession. This is the largest increase throughout the period of 2011 to 2022, according to the General Statistics Office of Vietnam (GSO).
With an 8.1% growth rate, manufacturing, construction, and processing were the three main economic movers, adding 2.9% to national GDP growth and 38.24% to total GDP. The biggest sectoral growth during the period was reported by the service sector, which contributed 56.65% of total GDP.
The national GDP increased by 0.27%, 0.03%, and 0.12%, respectively, due to increases in agriculture, forestry, and aquaculture of 2.88%, 6.13%, and 6.13%, respectively. Retail increased by 10.15%, logistics by 11.93%, hotels increased by 40.61%, and banking and insurance increased by 9.03%.
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Successful attempts by the government during the last quarter of 2022 to check price hikes of foodstuff, fuel, energy, medicine and education tuition managed to keep inflation down under the 4 per cent target set by the National Assembly (NA).
The GSO said Việt Nam’s CPI during Q4 2022 increased by 4.55 per cent compared to the same period last year, resulting in a year-on-year increase of 3.15 per cent. A major contributing factor was the declining global oil prices which have brought down fuel prices in the domestic market.
