Vietnam GDP grows 8% in 2022

Vietnam GDP grows 8% in 2022

Vietnam’s GDP grew by 8.2% in 2022. This is the fastest annual rate since 1997. It was supported by strong domestic retail sales as well as exports.

This reading is above the official growth target of 6.0%-6.5%, and it’s lower than the growth of 2.58% last year when COVID lockdowns had a negative impact on factory activity and put a dent in the economy.

Despite fears of a global recession, the high annual growth rate is a result of Vietnam’s key manufacturing of textiles and footwear, as well as electronics for major international brands.

The General Statistics Office (GSO), in a report, stated that “the economic performance is worth noting amid worldwide economic and political uncertainty. challenges.”

The fourth quarter GDP growth was 5.92%. This is a slowdown from the 13.71% increase in the third quarter.

The GSO reported that exports rose 10.6% to $371.85 Billion in 2022, while retail sales rose 19.8%.

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