Vietnam’s economy grew by 8% this year. According to the General Statistics Office of Vietnam (GSO), this is the biggest rise since 2011.
Manufacturing, construction, and processing were major economic drivers at 8.1%, contributing over 38% to the total GDP. The service sector reported a 10% growth, which is almost 57% of the total GDP.
Successful attempts by the Vietnamese government during the last quarter of 2022 managed to keep inflation down under the 4% target set by the National Assembly (NA).
GSO reports that Vietnam’s Consumer Price Index (CPI) increased by 4.55% during the last quarter of the year compared to the same period last year. This is a year-on-year increase of 3.15%. A major contributing factor to the modest inflation was the declining global oil price which has brought down fuel prices in the domestic market.
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