Vietnam’s GDP hits $409 billion for the first time.

According to the Socio-Economic Report for 2022 released by the General Statistics Office on the morning of December 29, Vietnam’s economy in 2022 has rebounded with pleasant results for 2022.

In comparison to the previous year, Vietnam’s GDP is expected to increase by 8.02% in 2022 (5.05% in the first quarter, 7.83% in the second, 13.71% in the third, and 5.92% in the fourth). The economy has recovered and seen its highest rate of growth in more than ten years (2011-2022). The agricultural, forestry, and fishery sector’s value has increased by 3.36%, adding 5.11% to the entire economy’s GDP growth. The industry and construction sector has also increased by 7.78%, contributing 38.24% to the economy’s growth, and the service sector gained 9.99%, adding 56.65% to the economy’s GDP.

Techbiz.network Vietnam's GDP growth 2022
Photo: TechBiz. Source: The General Statistics Office

In addition, the 2022 GDP at current exchange rates has reached $409 billion (VND 9,513 million billion), marking the first time Vietnam’s economy exceeded 400 billion USD. As a result, the GDP per capita in 2022 at exchange rates is 4,110 USD/ person (95.6 million VND/person), an increase of 393 USD compared to 2021. The entire economy’s labor productivity has reached 188.1 million VND per employee in 2022 (equal to 8,083 USD per employee, up 622 USD from 2021). The improvement in worker qualifications in 2022 has led to a 4.8% gain in labor productivity (the number of trained workers with diplomas and certificates has reached 26.2% in 2022, up 0.1 percentage points from 2021).

Also according to the General Statistics Office, the agriculture, forestry and fishery sector continues to serve as the economy’s pedestal. The agricultural sector has increased by 2.88%, adding 0.27 percentage points to the whole economy’s GDP growth; the forestry has increased by 6.13%, contributing 0.03 percentage points; the fishery sector has increased by 4.43%, contributing 0.12 percentage points to the economy’s GDP growth.

With a growth rate of 8.10% and a contribution of 2.09 percentage points to the economy’s GDP growth, the processing and manufacturing sector remained the economy’s growth engine.

The water supply, water waste and sewerage management and treatment sector has increased by 7.45%, contributing 0.04 percentage points to the economy’s GDP growth. The electricity production and distribution has increased by 7.05%, contributing 0.26 percentage points. The mining industry has increased by 5.19%, contributing 0.17 percentage points. The construction industry has increased 8.17%, adding 0.59 percentage points to the economy’s GDP growth.
The fact that the service sector has recovered and risen strongly, with a growth rate of 9.99% in 2022—the highest in the period between 2011 and 2022—is another highlight in the economy’s overall picture. In particular, a number of market services have grown greatly, boosting the growth of the entire economy.

Accordingly, the wholesale and retail sector has grown by 10.15% over the previous year and contributed 0.97 percentage points to the economy’s overall growth. The sector of transportation and warehousing saw growth of 11.93%, adding 0.69 percentage points to the economy’s growth. With a growth of 40.61% adding 0.79 percentage point to the economy’s growth, the accommodation and food service sector has had the greatest growth rate in the service sector. The banking, insurance, and finance sector has increased 9.03 %, contributing 0.53 percentage points to the economy’s growth. The information and communication industry has grown by 7.80%, adding 0.5 percentage points. Due to the fact that the  COVID-19 pandemic has been controlled, the sector of health care and social support activities has seen a 7.6% decrease compared to the result of the previous year, subtracting 0.13 percentage points from the economy’s growth.

In terms of Vietnam’s economic structure in 2022, the sectors of agriculture, forestry, and fisheries accounted for 11.88% of the total, followed by the industry and construction with 38.26%, the service sector with 41.33%, and the product tax without product subsidies with 8.53%.


Source: Vietnam’s General Statistics Office

 

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