A different perspective on Vietnam’s economy and doing business in Vietnam. Make sure to  subscribe.

Vietnam records GDP growth of 5.05 percent, misses target

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

Latest news...

Get Vietnam news sent straight to your inbox

advertising enquiry