Vietnam’s GDP growth hits 12-year high at 8.02% in 2022

Vietnam’s GDP growth hits 12-year high of 8.02% in 2022

Hai Yen 17:59, 2022/12/29

The country is listed among outperformers in Asia thanks to lingering re-opening tailwinds.

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%).