VIET NAM'S GDP GROWTH ESTIMATED AT 5.05% IN 2023

Viet Nam's GDP growth was estimated at 5.05 percent in 2023 compared to 8.02 percent of the previous year, the General Statistics Office reported Friday.

The economy continued to maintain quarter-on-quarter recovery pace this year, expanding 3.41 percent in January-March, 4.25 percent in April-June, 5.47 percent in July-September, and 6.27 percent in October-December.

Agriculture, forestry and aquaculture grew by 3.83 percent while industry and construction and service sectors increased by 3.74 percent and 6.82 percent, respectively.

The Southeast Asian country's GDP size was estimated at US$430 billion and GDP per capita increased by US$160 year-on-year to US$4,284.

Last week, the Asian Development Bank (ADB) reduced its growth forecast for Viet Nam this year to 5.2 percent from the previous 5.8 percent and it projected the country's GDP growth at 6 percent for 2024.

Viet Nam was ranked 12th out of 20 countries with the highest rate of economic growth over the past 10 years, according to Yahoo!Finance.

The Southeast Asian country maintained an average real GDP growth rate of 6.1 percent in the last decade. The agricultural sector highly supports the economy by contributing to the GDP as well as employment.

Source: VCCI