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Wednesday, July 24, 2024

Vietnam’s GDP rises 5.05%

The Saigon Times

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HCMC – Vietnam’s gross domestic product (GDP) has expanded by 5.05% this year, below the 6.5% target due to ongoing local and global economic challenges, the General Statistics Office (GSO) reported.

Data released by the GSO today, December 29, showed that in the fourth quarter alone, Vietnam’s GDP is expected to rise by 6.72% year-on-year.

Despite challenges, the country’s economy has expanded by 5.05% over 2022, surpassing the growth rates observed in 2020 and 2021, which were negatively impacted by the Covid-19 pandemic.

Vietnam’s GDP is projected to reach US$430 billion by the end of the year, with the GDP per capita increasing to US$4,284, a US$160 rise compared to the previous year. Labor productivity is estimated at approximately US$8,380 per worker, an increase of US$274.

Inflation has been kept in check, with the average Consumer Price Index (CPI) for the fourth quarter growing by 3.54% year-on-year. For the year as a whole, the CPI increased by 3.25%, meeting the Government’s target of keeping it below 4.5%.

The Government has implemented policies in recent times to fuel growth, stabilize the macro-economy, control inflation, and maintain economic balances.

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