2023 witnessed a positive growth trend for GDP and investment, while industrial growth slowed down
The scale of Việt Nam’s GDP at current prices in 2023 is estimated at VND 10.2 quadrillion (US$430 billion). GDP per capita is expected to reach VND 101.9 million ($4,284), which is $160 higher than the previous year.
Việt Nam’s gross domestic product (GDP) growth rate for 2023 is 5.05%, only higher than the growth rate of 2.87% and 2.55% for 2020 and 2021 in the period 2011–2023.
GDP GROWTH RATE
The GDP increased by 6.72% in the fourth quarter of 2023 compared to the same period last year. This is higher than the GDP growth in the fourth quarter of 2020–2022 and 2012–2013. The GDP showed a positive trend when each subsequent quarter saw a rise in GDP (quarter I increased by 3.41%, quarter II increased by 4.25%, and quarter III increased by 5.47%).
The growth rate of GDP and other sectors in the quarter of 2023 (%)
The GDP growth rate for 2023 is 5.05%. For the entire year, the agriculture, forestry, and fishery sectors are expected to grow by 3.83%, contributing 8.84% to the country’s total added value. The industrial and construction sector increase by 3.74%, contributing 28.87%, while the service sector is projected to grow by 6.82%, contributing 62.29%.
Regarding the economic structure in 2023, the agriculture, forestry, and fisheries sector accounts for 11.96%; the industrial and construction sector accounts for 37.12%; the service sector accounts for 42.54%; and product tax minus product subsidies accounts for 8.38% (the corresponding structure for 2022 is 11.96%; 38.17%; 41.32%; 8.55%).
REALIZED INVESTMENT CAPITAL FOR THE WHOLE SOCIETY AT CURRENT PRICES IS ESTIMATED AT 3,423.5 TRILLION VND, AN INCREASE OF 6.2%
As of December 20, 2023, total foreign investment capital registered in Vietnam included newly registered capital, adjusted registered capital, and the value of capital contributions and share purchases reached nearly 36.6 billion USD, an increase of 32.1% over the previous year.
Realized foreign direct investment capital in Vietnam in 2023 is estimated to reach 23.18 billion USD, an increase of 3.5% over the previous year. This is the highest amount of realized foreign direct investment in the last 5 years.
In 2023, Vietnam’s total newly registered and additional investments were about 420.9 million USD, a decrease of 83.3% year on year. Of which, 124 projects were granted new investment registration certificates, with a total registered capital of 282.7 million USD, a decrease of 33.7% year on year, and 25 projects registered to adjust their investment with additional capital of 138.2 million USD, up 1.3 times year on year.
THE INDUSTRIAL AND CONSTRUCTION SECTORS FACE NUMEROUS OBSTACLES AND CHALLENGES IN THE CONTEXT OF DECLINING GLOBAL AGGREGATE DEMAND.
In 2023, the added value of the entire industry increased by 3.02% over the previous year, contributing 1% to the growth rate of the total added value of the entire economy.
Of which, the processing and manufacturing industry increased by 3.62%, contributing 0.93%. The water supply, waste management and treatment, and wastewater sectors increased by 5.18%, contributing 0.03%.
The electricity production and distribution industry increased by 3.79%, contributing 0.14%. The mining industry decreased by 3.17%, a decrease of 0.1%. The construction industry increased by 7.06%, contributing 0.51%.
Overall, the consumption index for the entire processing and manufacturing industry in 2023 climbed by 1.8% compared to 2022 (up 7.1% from the previous year).
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