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Tuesday, June 18, 2024

Vietnam’s GDP growth at 11-year high in 2022

The Saigon Times

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HCMC – Vietnam’s gross domestic product (GDP) expanded by an astounding 8.02% in 2022, the highest growth rate since 2011, according to the General Statistics Office.

In the fourth quarter of 2022, the country’s GDP edged up by 5.92% year-on-year, slightly above the figures in 2020 and 2021.

All segments of Vietnam’s economy have rebounded strongly, with the service sector taking the lead with a growth rate of 9.99%, the best performance since 2011.

Over 2021, the industrial and construction sector rose by 7.78%, while the agro-forestry-fishery sector saw growth of 3.36%.

The processing and manufacturing industry has continued to drive the economy’s expansion with a growth rate of 8.1%.

The service sector made up 41.33% of the economic structure in 2022, followed by the industry-construction and agro-forestry-fishery sectors, which accounted for 38.26% and 11.88%, respectively. The balance came from product taxes exclusive of product subsidies.

Vietnam’s GDP per capita this year amounted to roughly US$4,110, tipping by US$393 over 2021.

At current prices, the national labor productivity per employee hit approximately US$8,083, up US$622 year-on-year.

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