GDP expands 5.05% in 2023

By Phuong Anh December 28, 2023 | 06:34 pm PT

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

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.

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.