![](https://media.hanoitimes.vn/2021/05/14/logo_hntimes.png)
A robust economic recovery following the Covid-19 pandemic helped Vietnam’s GDP growth hit an estimated 8.02% yearly, the highest during the 2011-2022 period.
Data: GSO. Chart: Ngoc Mai |
The data was released by the General Statistics Office (GSO) today [December 29], according to which the country’s GDP growth during the fourth quarter expanded by 5.92% year on year.
The GSO’s official data is in line with forecasts from international organizations, with the HSBC expecting Vietnam’s GDP in 2022 to expand by 8.1%, thanks to “lingering re-opening tailwinds,” making the country among outperformers in Asia.
According to the GSO, Vietnam’s GDP per capita in 2022 reached US$4,110, up $393 against last year, while labor productivity hit $8,083 per worker, up $622.
The consumer price index (CPI), a gauge of inflation, rose by 0.67% in the fourth quarter against the previous one and up 4.41% year on year. Overall, Vietnam’s CPI expanded by 3.15% compared to 2021, below the 4% threshold set by the National Assembly.
Among the economic sectors, the service sector contributes the most value added to the economy, with 56.65%, followed by industry and construction (38.24%) and agroforestry-fisheries (5.11%).
Within the industrial and construction sectors, manufacturing and processing activities remain the driving force for the economy, expanding by 8.1%; water provision and waste treatment by 7.45%; electricity production and distribution by 7.05%.
The services sector recorded the highest growth during the 2011-2022 period, with 9.99%.
Other economic fields with high growth rates during the year include wholesale and retail, logistics, hospitality, and catering services.
Trading activities continue to be a highlight of the economy, with an estimated turnover of $732.5 billion in 2022, up 9.5% year on year, in which exports rose by 10.6% and imports by 8.4%. This resulted in a trade surplus of $11.2 billion during the period, marking the seventh consecutive year of a positive trade balance.
Under Vietnam’s economic structure, the agro-foresty-fishery sector makes up 11.88%, followed by industrial and construction (38.26%), and services (41.33%).
![](https://media.hanoitimes.vn/thumb_x138x92/2024/07/26/online_shopping.jpg)
![](https://media.hanoitimes.vn/thumb_x138x92/2024/07/23/production.jpeg)
![](https://media.hanoitimes.vn/thumb_x138x92/2024/07/20/oil_and_gas.jpg)
![](https://media.hanoitimes.vn/thumb_x138x92/2024/07/17/booth_at_the_safety_event.jpg)
![](https://media.hanoitimes.vn/thumb_x138x92/2024/07/17/stock_market_vn.jpeg)
![](https://media.hanoitimes.vn/thumb_x138x92/2024/07/16/Food_safety_in_supermarket.jpg)
- Vietnam under pressure to achieve high growth in 2024-2025
- Early warnings help Vietnam mitigate trade probe impacts
- Hanoi's key industries in high recruitment demand
- Continued political trust building between Vietnam and Cambodia
- Hanoi district to turn Hoang Cau Lake into culinary hub
- Hanoi welcomes investment from China’s Greater Bay Area