Vietnam’s GDP growth is expected to reach 8.02 percent this year, the highest rate between the 2011-2022 period, according to a report from the General Statistics Office (GSO).
Vietnam reports highest GDP growth in over a decade. Illustrative photo
In the report presented at a meeting on Thursday, GSO's General Director Nguyen Thi Huong, said that service industry growth increased by 9.99 percent, contributing 56.55 percent to the total added value of the whole economy. In addition, the industry-construction sector developed by 7.78 percent, contributing 38.24 percent while the agro-forestry-fishery sector grew by 3.36 percent, contributing 5.11 percent to the economy.
The fourth quarter saw a GDP growth rate of 5.92 percent, slightly higher than that of the first quarter, but much lower than that recorded in the second quarter (7.83 percent) and the third quarter (13.71 percent). This showed the local economy faced difficulties in the final months of this year.
With an annual growth of 7.18 percent, final consumption contributed to 49.32 percent of the general growth. Asset accumulation rose by 5.75 percent, contributing 22.59 percent, while trade in exports, imports and services added 28.09 percent.
GDP per capita was estimated at USD 4,110, up 393 USD from 2021 while labour productivity was at USD 8,083 per worker, a year-on-year rise of USD 622, the report said.
The country recorded year-on-year growth of 3.15 percent in the consumer price index this year while core inflation increased 2.59 percent".
The macro-economy remained stable with inflation under control and major balances guaranteed thanks to sound direction by the government, Huong noted. "The local economy recovered in 2022. Surging production demand to serve consumption and export, added with soaring global commodity prices, has fuelled prices of goods and essential services, but prices are basically still under control."