Vietnam’s General Statistics Office has released its fourth quarter economic report which says GDP is likely to reach 5.05 percent this year. This is a scrape above the minimum 5 percent the government said would be likely back in October, but well below the 6.5 percent target set at the beginning of the year.
Key takeaways:
- The agriculture, forestry and fishery sector grew by 3.83 percent,
- The industrial and construction grew by 3.74 percent, and
- The service sector grew by 6.82 percent.
- Retail sales at current prices in 2023 reached VND 6,231.8 trillion (US$256.8 billion), an increase of 9.6 percent higher than 2022;
- Credit growth reached 11.09 percent (target was 14 percent);
- Foreign direct investment (FDI) reached US$36.6 billion (was US$27.72 in 2022);
- Outward FDI reached US$282 million;
- Imports reached US$355.5;
- Exports reached US$327.5; and
- The consumer price index went up by 3.25 percent;
Note that the year is not yet over and as such figures may be subject to change.
Full report: Report on the Socio-Economic Situation in the Fourth Quarter and 2023