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Vietnam's GDP grows 5.05%, among the high group, economic scale reaches 430 billion USD

On January 5, the Government held a meeting to summarize the work in 2023 and implement tasks for 2024 between the Government and local administrations. Speaking at the opening of the meeting, Prime Minister Pham Minh Chinh affirmed that in general, the socio-economic situation in 2023 continued the positive recovery trend, with later months better than earlier ones and later quarters higher than previous ones.

Vietnam's GDP growth was 5.05% for the whole year, belonging to the high growth group in the region and world, with an economic scale of about 430 billion USD.

Macroeconomic stability was basically ensured, inflation and public debt were controlled, growth was promoted, and major balances were ensured. GDP growth was higher quarter-on-quarter, reaching 5.05% for the whole year, belonging to the high growth group in the region and world, bringing the economic scale to about 430 billion USD.


The average consumer price index for the year increased by 3.25% (lower than the target of around 4.5%). The money market, foreign exchange market were basically stable, with interest rates declining by about 2% compared to late 2022.

Agriculture continued to be a bright spot, still the solid support of the economy, increasing by 3.83% in 2023, the highest in the past 10 years. The service sector increased by 6.82%, with total retail sales of goods and consumer services increasing by 9.6%. Industry recovered rapidly quarter by quarter, with growth of 3.02% for the whole year.

State budget revenue exceeded the estimate by about 8.12% while tax, fees and land rents were reduced by nearly 194 trillion VND. Total import-export turnover for the whole year reached 683 billion USD.

In summary, Vietnam's economic growth was positive in 2023, but there remain some limitations and shortcomings that need continued focus on overcoming.

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