Vietnamese economy grows by 5.05% in 2023 despite global headwinds

Although the country failed to meet its 6.5% set target, its growth rate can be seen as a positive result, especially as it made Vietnam among the economies with the highest growth rate in the region and the world, said Nguyen Thi Huong, leader of the GSO, at the press briefing.

Statistical indicators highlight that the domestic macroeconomy continued to be stable; inflation was controlled at an appropriate level; the supply and demand of essential goods were guaranteed; and the purchasing power and domestic consumption maintained relative growth, she emphasised.

The GSO report indicates that GDP in the fourth quarter of the year was estimated to have expanded by 6.72% over the same period from last year, a figure that was higher than the fourth quarter of the 2012 - 2013 and 2020 - 2022 periods. It also shows that the national economy kept maintaining an increasing streak on the quarterly basis, from 3.41% in Q1, 4.25% in Q2, 5.47% in Q3, and 6.72% in Q4.

Among major economic indicators, the agro-forestry and fishery sector, the industrial and construction sector, and the services sector all increased by 3.83%, 3.74%, and 6.82%, duly contributing 8.84%, 28.87%, and 62.29% to the national GDP respectively.

It’s noteworthy that the agro-forestry and fishery sector grew positively and continued to represent the pillar of the economy this year, said Huong.

According to the GSO leader, the export turnover of several agricultural products increased considerably; livestock production developed steadily; and the application of high-tech models in white-legged shrimp farming brought about economic efficiency.   

Overall, the scale of national GDP for this year was estimated to be at US$430 billion, while GDP per capita was estimated to be at US$4,284, an increase of US$160 compared to 2022.