By Joe Fotalattee
In 2022 Vietnam had the fastest annual growth rate in GDP since 1997 thanks to robust domestic retail sales and exports, which increased by 8.02 percent.
The reading is higher than the official growth target of 6.5 percent and growth of just 2.58 percent in the previous year, when COVID lock-downs hurt the economy and affected factory activity.
Despite worries about a global recession and its effects on demand for Vietnam’s exports—a major producer of goods like apparel, footwear, and electronics for well-known international brands—the country has experienced a high annual growth rate.
The General Statistics Office (GSO) stated in a report that “the economic performance is noteworthy amid global economic and political uncertainty and challenges.”.
According to the report, consumer prices increased by 4.55 percent in December from a year earlier. Retail sales increased 19.8 percent in 2022, while exports increased 10.6 percent to $371.85 billion, according to the GSO.
