Viet Nam’s economy increases by tenfold after 12 years

The country's GDP per capita rose to US$4,110 this year, an increase of US$393 in 2021, says the report.

The Vietnamese economy expanded 80.2 percent in 2022, far higher than the initial target of 6-6.5 percent. This is the highest growth rate since 2011.

Ninety-nine out of 63 cities and provinces reported GDP growth of at least 6.5 percent, with the South Central province of Khanh Hoa recording GDP growth of 20.7 percent, followed by Bac Giang (19.3 percent), Da Nang (14.1 percent), Hau Giang (13.9 percent), Hung Yen (13.4 percent), Can Tho (12.6 percent), Thanh Hoa (12.5 percent), Hai Phong (12.3 percent), Lam Dong (12.1 percent), Vinh Long (11.3 percent), Quang Nam (11.2 percent), Ha Nam (10.8 percent), Quang Ninh (10.3 percent) and Dien Bien (10.2 percent). Ha Noi and Ho Chi Minh, the country's two biggest economic hubs, reported GDP growth rates of 8.9 percent and 9.03 percent, respectively.

As Viet Nam's GDP growth is strong, the inflation and other factors affecting Viet Nam's economy are much less severe than what is going on in neighboring countries and other nations around the regio, Andrew Jeffries, Country Director of the Asian Development Bank in Viet Nam told VGP in a recent interview.

Viet Nam raised policy rates two times and widened the band for the Viet Nam Dong to fluctuate against the U.S. dollar, said Andrew Jeffries, adding that they have been the Government's beneficially prudent.

Viet Nam's public debt-to-GDP ratio was 43 percent, which is relatively low and so this has made Viet Nam stable compared to many other countries.

Last June, the International Monetary Fund predicted that Viet Nam's GDP would reach US$571.1 billion by 2025, surpassing two other regional peers - the Philippines and Singapore - to become the third largest economy in Southeast Asia.

Given the global headwinds, the Government set the GDP growth rate of 6.5 percent  and raise GDP per capita to about US$4,400 in 2023./.