Vietnam's economy grows 8.02% in 2022

HANOI [VIETNAM]: Vietnam posted a gross domestic product (GDP) growth of 8.02 per cent in 2022, much higher than the rate of 2.56 per cent in 2021, the country's General Statistics Office said on Thursday.

This is the highest growth recorded in the 2011-2022 period thanks to the strong economic recovery from the pandemic, reports Xinhua news agency.

The sector of agriculture, forestry and fishery grew by 3.36 per cent against the same period last year, while industry and construction rose by 7.78 per cent, with services up 9.99 per cent.

They contributed 5.11 per cent, 38.24 per cent and 56.65 per cent to the overall growth, respectively, said the office.

In the fourth quarter alone, the country's economy expanded 5.92 per cent year-on-year, higher than that of the same periods in 2020 and 2021 but lower than that in the 2011-2019 period.

British multinational investment bank HSBC has recently raised Vietnam's growth forecast from 7.6 per cent to 8.1 per cent this year but revised down the forecast for next year to 5.8 per cent from 6 per cent, citing the fading effects of reopening and more vivid impacts of high inflation.

Vietnam will strive to achieve a GDP growth of 6.5 per cent next year, according to a resolution on the socio-economic development plan for 2023 approved by its top legislature.