Labour productivity of the entire economy at current prices is estimated at 199.3 million VND (8,380 USD) per worker in 2023, up 274 USD than the 2022 figure (Photo: VNA)
Hanoi (VNA) – Vietnam’s gross domestic product (GDP) growth rateis estimated at 5.05% in 2023, the General Statistics Office (GSO)announced on December 29.
Specifically, the economy is estimated toexpand 6.72% year-on-year in the fourth quarter, higher than the 3.41% of thefirst quarter, the 4.25% of the second quarter, and the 5.47% of the thirdquarter.
In the year, the agriculture, forestry andfishery sector is estimated to grow by 3.83%, contributing 8.84% to the economy’stotal added value, while the industrial and construction sector is estimated toincrease by 3.74%, contributing 28.87%, and the service sector by 6.82%, and62.29%.
In Q4, final consumption expenditure rose by an estimated 4.86% over the same period last year, contributing53.18% to the overall growth rate of the economy. The figures are 6.21% and44.18% for asset accumulation. Meanwhile, the export and import of goods andservices are estimated to rise by 8.68% and 8.76%, respectively. The tradesurplus is estimated to contribute 2.64% to the overall growth rate of theeconomy.
The export and import of goods and services are estimated to rise by 8.68% and 8.76% (Photo: VNA)
The scale of GDP at current prices in 2023is estimated at 10.2 quadrillion VND (430 billion USD). GDP per capita isestimated to reach 101.9 million VND (4,284 USD), 160 USD higher than that inthe previous year.
Labour productivity of the entire economy atcurrent prices is estimated at 199.3 million VND (8,380 USD) per worker, up 274USD than the 2022 figure. Labourproductivity based on comparative prices rose 3.65% thanks to improved qualifications of workers. Therate of trained workers with degrees or certificates this year is estimated to reach27% of the workforce, 0.6 percentage point higher than in 2022.
The GSO forecast that Vietnam continues toface many difficulties and challenges in 2024.
In order to achieve socio-economicdevelopment targets next year, GSO General Director Nguyen Thi Huong stressed the needfor the engagement of the Government, the business community and people nationwide.
Ministries and agencies should improve forecasts,and take flexible and appropriate measures in the new situation toeffectively and concertedly implement socio-economic recovery and developmentsupport policies, she added./.
Experts said Vietnam has the potential to achieve a GDP growth of 6-6.5% in 2024, driven by public investment, consumer spending, import-export recovery, and monetary policies.
The Ministry of Planning and Investment (MPI)’s Central Institute for Economic Management (CIEM) presented three scenarios for the national economy in 2024 at the Vietnam Economic Pulse Forum jointly held by the institute and UN Development Programme (UNDP) in Hanoi on December 6.
Vietnam, together with China and some other Asian countries, is among the 20 countries with the fastest economic growth over the last 10 years, according to Yahoo Finance.
According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Huynh Tan Khanh, Secretary of the Party Committee of Ganh Hao, noted that the town strictly follows anti-IUU fishing directives and has partnered with local agencies to organise six awareness campaigns attended by nearly 500 fishermen. Some 130 boat owners and captains have also signed commitments to follow legal requirements and avoid entering foreign waters.
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The US remained Vietnam’s largest market, accounting for 55% of the country's total wood exports. Key products include wooden furniture, plywood, doors, and handicrafts.
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The Vietnam National Petroluem Group (Petrolimex) had acted early to mitigate risks amidst the recent surge in global oil prices driven by the Israel–Iran conflict, Vietnam News Agency cited a Petrolimex representative as saying.
In mid-June, the Vietnam Trade Promotion Agency (VIETRADE) at the Ministry of Industry and Trade (MoIT) in collaboration with Alibaba.com announced a list of 200 outstanding businesses selected to participate in the "Vietnam National Pavilion" in 2025.
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The PM outlined a dual strategy: revitalising traditional growth engines of investment, exports, and consumption, while accelerating breakthroughs in sci-tech, innovation, digital transformation, and green transition.
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He requested delegates to provide objective and honest feedback on what has been achieved, what has not, the consequences, and draw lessons learned for the future. He also emphasised the need to identify key directions and tasks, with a firm resolve to prevent, and eventually eliminate the trafficking of counterfeit medicines and fake food products.
The Ministry of Finance is drafting policies to establish specialised AI and smart industrial parks to raise the technological profile of FDI projects and create spillover effects for local businesses.
Labour productivity of the entire economy at current prices is estimated at 199.3 million VND (8,380 USD) per worker in 2023, up 274 USD than the 2022 figure (Photo: VNA) 
The export and import of goods and services are estimated to rise by 8.68% and 8.76% (Photo: VNA) 
