Vietnam's economy grew by 28.02% in 2022, hitting a ten-year high
Despite the global recession, Vietnam's economy grew by 8.02% in 2022, the highest level since 2011, according to the General Statistics Office (GSO). Manufacturing, construction and processing industries are the main economic drivers, with a growth rate of 8.1% and accounting for 38.24% of GDP.
From an industry perspective, while the retail industry grew by 10.15%, the logistics industry grew by 11.93% during the year.
During the year, the EU -Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) helped Vietnam's economy as these agreements allowed access to other countries' markets. Another factor,
GSO said, was the government's success in keeping inflation below the 4% target set by the National Assembly. The consumer price index rose 4.55% in the final quarter of 2022 compared with the same period a year earlier, for an annual rate of 3.15%. Vietnam has set a target of 6.5% growth by 2023.
