Vietnam’s Economy in 2022 Grows at Fastest Pace in 25 Years

Vietnam’s economic growth was 8.02% in 2022, setting the fastest annual pace since 1997. The increase was supported by domestic retail sales and exports.

The figure was higher than a growth target of 0.6% – 6.5% by the government, compared to only 2.58% growth last year that  the Covid lockdown caused damage to the economy and activities of manufacturers.

Vietnam records annual growth despite concerns about a global recession and its impact on exports as Vietnam is one of the world’s finest manufacturers of textile, footwear and electronics for famous international brands.

The growth of GDP in the fourth quarter was 5.92%, exports rose 10.6% to $371.85 billion, while retail sales rose 19.8%. Additionally, consumer prices in December rose 4.55% from last year.