Vietnam’s GDP grows 5.05% to $430 bln in 2023

Vietnam’s GDP grew 5.05% year-on-year to $430 billion in 2023, the General Statistics Office (GSO) announced Friday.

The figure is higher than 2.91% in 2020 and 2.58% in 2021, the two peak years of the Covid-19 pandemic; but lower than 8.02% in 2022, the post-pandemic period, and 7.02% in 2019, the pre-pandemic period.

The growth missed the target of 6.5%, set by the National Assembly, Vietnam's highest legislative body.

The fourth quarter growth reached 6.72%, in line with the upward trend of 3.41% in Q1, 4.25% in Q2, and 5.47% in Q3.

This year, the service sector remained the biggest portion of the economy with 42.54% of the total, followed by the industry-construction sector with 37.12%, and the agriculture-forestry-fisheries with 11.96%.

The three sectors recorded growth of 6.82%, 3.74% and 3.83% in 2023, according to the GSO.

The GDP per capita reached $4,284, up 3.9% year-on-year. Meanwhile, the labor productivity increased 3.65% to $8,380 per laborer, partly thanks to the higher ratio of trained laborers at 27%, or 0.6 percentage points higher than 2022.