Việt Nam achieves 5.05 per cent economic growth in 2023: GSO

GSO General Director Nguyễn Thị Hương speaks at a seminar held Friday. To achieve socio-economic development targets next year, Hương emphasised the need for government involvement, business community participation, and nationwide collaboration. VNS Photo Linh Anh

HÀ NỘI – Việt Nam’s gross domestic product (GDP) growth rate for 2023 is estimated at 5.05 per cent, according to the General Statistics Office (GSO) announcement on December 29.

Specifically, the economy is projected to expand by 6.72 per cent year-on-year in the fourth quarter, surpassing the growth rates of 3.41 per cent in the first quarter, 4.25 per cent in the second quarter, and 5.47 per cent in the third quarter.

For the entire year, the agriculture, forestry, and fishery sector is expected to grow by 3.83 per cent, contributing 8.84 per cent to the country’s total added value. The industrial and construction sector is estimated to increase by 3.74 per cent, contributing 28.87 per cent, while the service sector is projected to grow by 6.82 per cent, contributing 62.29 per cent.

In the fourth quarter, final consumption expenditure is estimated to rise by 4.86 per cent compared to the same period last year, contributing 53.18 per cent to the overall economic growth. Asset accumulation is expected to contribute 6.21 per cent and 44.18 per cent to growth, while the export and import of goods and services are projected to increase by 8.68 per cent and 8.76 per cent, respectively. The trade surplus is estimated to contribute 2.64 per cent to the overall economic growth rate.

The scale of Việt Nam’s GDP at current prices in 2023 is estimated at VNĐ10.2 quadrillion (US$430 billion). GDP per capita is expected to reach VNĐ101.9 million ($4,284), which is $160 higher than the previous year.

Labour productivity for the entire economy at current prices is estimated at VNĐ199.3 million ($8,380) per worker, showing an increase of $274 compared to 2022. Labour productivity based on comparative prices has risen by 3.65 per cent due to improved worker qualifications. It is estimated that 27 per cent of the workforce will have degrees or certificates, which is 0.6 percentage points higher than in 2022.

The GSO forecast that Việt Nam would continue to face several difficulties and challenges in 2024. To achieve socio-economic development targets next year, GSO General Director Nguyễn Thị Hương emphasised the need for government involvement, business community participation, and nationwide collaboration.

Ministries and agencies were urged to enhance forecasts and implement flexible and appropriate measures in the new circumstances to effectively support socio-economic recovery and development.

CPI increases by 3.25 per cent year-on-year

Việt Nam’s consumer price index (CPI) for 2023 is estimated to increase by 3.25 per cent year-on-year, meeting the target set by the National Assembly (NA), according to the report from the General Statistics Office (GSO) on December 29.

GSO General Director Nguyễn Thị Hương said that the index in the fourth quarter rose by 3.54 per cent compared to the same period last year. In December, the CPI increased by 0.12 per cent month-on-month and 3.58 per cent year-on-year.

Hương attributed the December increase to rising medical costs, tuition fees, and prices of electricity and rice. Among the 11 commodity groups, 10 experienced year-on-year price hikes, while the group of post and telecommunications saw a decline of 1.36 per cent.

Throughout the year, housing and construction material prices expanded by 6.58 per cent, food prices increased by 6.85 per cent, electricity prices rose by 4.86 per cent, and prices of drugs and medical services went up by 1.23 per cent. Prices of other goods and services increased by 4.65 per cent. However, petrol prices dropped by 6.94 per cent compared to the previous year, and prices in the post and telecommunications sector decreased by 0.81 per cent.

In December, the domestic gold price increased by 3.98 per cent compared to the previous month and 13.13 per cent year-on-year, contributing to the average annual growth of 4.16 per cent.

The average US dollar price in the free market was around VNĐ24,426 throughout the year. In December, the price decreased by 0.56 per cent month-on-month but increased by 1.04 per cent compared to the same period last year.

In addition, December core inflation slightly increased by 0.17 per cent month-on-month and 2.98 per cent year-on-year, leading to an average annual growth of 4.16 per cent.

General Director Nguyễn Thị Hương emphasises the proactive response of the Government in tackling the mounting inflation pressure.

“In recent times, the Government has taken decisive steps to ensure that ministries, departments, and local authorities implement comprehensive measures to stabilise prices. This concerted effort aims to mitigate any adverse effects on socio-economic development and effectively control inflation in 2023,” she said. VNS