Vietnam's economy grows at 8.02% in 2022, highest in decade

02 Jan '23

1 min read

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Despite a recession like atmosphere globally, Vietnam’s economy grew at 8.02 per cent in 2022, which is the highest since 2011, according to the General Statistics Office (GSO). Manufacturing, construction and processing was the major economic driver registering an 8.1 per cent growth rate and contributing 38.24 per cent to the country’s total GDP.

Sector-wise, while the retail sector grew by 10.15 per cent, logistics rose by 11.93 per cent during the year.

During the year, the European Union–Vietnam Free Trade Agreement (EVFTA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) helped the Vietnamese economy as these agreements gave access to other countries’ markets.

The GSO said that another factor was that the government successfully managed to keep inflation rate below 4 per cent, the target set by the National Assembly. The Consumer Price Index rose by 4.55 pe cent in the last quarter of 2022, compared to the same period of the previous year, resulting in yearly increase of 3.15 per cent.

For the year 2023, Vietnam has set a target to achieve growth rate of 6.5 per cent.

Fibre2Fashion News Desk (RKS)

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