Vietnam’s GDP growth rate in 2023 reached 5.05%

Positive trend in GDP growth

Gross domestic product (GDP) in the fourth quarter of 2023 is estimated to increase by 6.72% over the same period last year. The General Statistics Office said that this growth shows a positive trend as growth rate in the next quarter was higher than the previous quarter.

In the last months of the year, the industrial production and construction sectors prospered with contribution to economic growth reaching 43.6%. The service sector contributed 50% and the agriculture, forestry and fisheries sector contributed 7.5%.

Overall, Vietnam’s GDP is estimated to increase by 5.05% compared to last year, only higher than the growth rate of the first two years of Covid-19 in the period of 2011 - 2023.

In the overall growth of the entire economy, the agriculture, forestry and fishery sector increased by 3.8%, contributing 8.8%; the industrial and construction sector increased by 3.7%, contributing 29%; the service sector increased by 6.8%, contributing 62.3%.

The added value of the agricultural sector in 2023 increased by 3.9% compared to the previous year, contributing 0.34 percentage points to GDP growth; The forestry sector increased by 3.74% but accounted for a low proportion so it only contributed 0.02 percentage points; The fisheries sector increased by 3.71%, contributing 0.1 percentage points.

The industrial production and construction sector faced many difficulties and challenges in the context of declining world aggregate demand.

The added value of this sector in 2023 increased by only 3.02% compared to the previous year, which is the lowest increase in the period 2011-2023, contributing 10 percentage points to the GDP growth rate.

Contributing the most to GDP growth in 2023 is the service sector. In particular, 2023’s trade and tourism activities maintained high growth momentum.

The added value of the service sector in 2023 increased by 6.82% compared to the previous year, higher than the increase in the first 2 years of Covid-19.

Improved labor productivity

Regarding the economic structure, the agriculture, forestry and fisheries sector accounts for 12%; the industrial production and construction sector accounts for 37%; service sector accounts for 42%; product tax minus product subsidies accounts for 8.38%.

The scale of GDP at current prices in 2023 is estimated to reach 10,221.8 trillion VND, equivalent to 430 billion USD.

GDP per capita in 2023 at current prices is estimated to reach 101.9 million VND/person, equivalent to 4,284 USD, an increase of 160 USD compared to 2022.

Labor productivity of the entire economy in 2023 at current prices is estimated to reach 199.3 million VND/worker (equivalent to 8,380 USD/worker, an increase of 274 USD compared to the previous year). According to comparative prices, labor productivity increased by 3.65% due to improved qualifications of workers.

Source: GSO

Compiled by VBI