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Saturday, June 22, 2024

Looking back at 2023

By Bui Trinh

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The nation’s per capita GDP in 2023 at current prices was an estimated VND101.9 million, or US$4,284, an increase of US$160 compared to 2022. With Vietnam’s GDP growth starting to slow early in the development course, it will be challenging for the country to catch up with developed countries in the region, and there is a risk of falling into the middle-income trap. The General Statistics Office has recently released a report on the socio-economic situation in the fourth quarter and in all of 2023. According to the report, the GDP in the fourth quarter increased by 6.72% year-on-year, and the GDP for the whole year rose by 5.05% over 2022. While the GDP growth rate did not meet expectations, it is still relatively high compared to the region. However, GDP growth has been on a downward trajectory in recent decades. The average GDP growth for the period 2010-2023 is about 6%, lower than the average GDP growth rate of 6.6% for the period 2000-2009 and about 7.4% for the period 1990-1999. If we divide the 2010-2023 period into two sub-periods, 2010-2016 and 2017-2023, it can be observed that the GDP growth for the sub-period 2010-2016 was 6.3%, while for […]
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