That was the information given by Ms. Nguyen Thi Huong, Director General of the General Statistics Office (Ministry of Planning and Investment) at the press conference announcing socio-economic statistics for the fourth quarter of 2023 and the year 2023 on the morning of December 29.
The size of the economy increased to 430 billion USD
The leader of the national statistics sector assessed that although the GDP growth for the whole year of 2023 did not reach the target set in the 2023 Socio-Economic Development Plan and Resolution 01/NQ-CP of the Government (6.5%), it was a positive result and was among the economies with the highest growth rates in the region and the world.
Specifically, the gross domestic product (GDP) in 2023 is estimated to increase by 5.05% over the previous year. In the total added value increase of the whole economy, the agriculture, forestry and fishery sector increased by 3.83%, contributing 8.84%; the industry and construction sector increased by 3.74%, contributing 28.87%; the service sector increased by 6.82%, contributing 62.29%.
The agriculture, forestry and fishery sector grew positively. The added value of the agricultural sector in 2023 increased by 3.88%, contributing 0.34 percentage points to the total added value growth of the entire economy; the forestry sector increased by 3.74% but accounted for a low proportion, so it only contributed 0.02 percentage points; the fishery sector increased by 3.71%, contributing 0.1 percentage points.
In the industrial and construction sector, the industry faces many difficulties and challenges in the context of declining global demand. The total added value of the entire industry in 2023 increased by only 3.02%, the lowest increase in the years in the period 2011-2023 and contributed 1.0 percentage point to the growth rate of the total added value of the entire economy.
Trade and tourism activities maintained high growth momentum, contributing positively to the growth of the service sector. The added value of the service sector in 2023 increased by 6.82%, higher than the growth rates of 2.01% and 1.75% in 2020-2021.
Notably, trade and consumer service activities in the last month of the year were vibrant, contributing to the completion of the 2023 production and business plan. The service sector achieved a fairly positive growth rate compared to the previous year.
Total retail sales of goods and consumer service revenue in the fourth quarter of 2023 increased by 9.3% over the same period. In 2023 as a whole, total retail sales of goods and consumer service revenue increased by 9.6%.
Notably, the GDP scale at current prices in 2023 is estimated to reach over 10.2 million billion VND, equivalent to 430 billion USD. GDP per capita in 2023 at current prices is estimated to reach 101.9 million VND/person, equivalent to 4,284 USD, an increase of 160 USD compared to 2022.
In addition, the average consumer price index (CPI) in the fourth quarter of 2023 increased by 3.54% compared to the fourth quarter of 2022. For the whole year of 2023, the CPI increased by 3.25%, achieving the target set by the National Assembly.
“In the context of general difficulties of the global economy, our country's socio-economic situation in 2023 continues to recover, the macro economy is stable, inflation is under control, major balances are ensured, many important results in various fields achieve the set goals and continue to be a bright spot in the economy in the region and the world,” said General Director Nguyen Thi Huong.
Growth in 2024 will be better than in 2023
Sharing on the sidelines of the press conference, General Director of the General Statistics Office Nguyen Thi Huong assessed: In the context that most international organizations assess this year, global economic growth has declined compared to last year, at below 3%. Our growth of 5.05% is an extremely positive result and is still a bright spot in growth in the region and the world.
“The GDP figures increased gradually from quarter to quarter until the end of the year, showing the efforts and difficulties from the beginning of the year, but we did not give up, still determined with all our internal strength and mobilizing resources from outside, we achieved very positive results.
The results are shown through the agriculture-forestry-fishery sector continuing to demonstrate its role as a solid pillar of the economy when exporting food abroad, as well as maintaining connections with the world through agricultural products such as rice, vegetables, fruits... with impressive, unprecedented numbers," said Ms. Huong.
Along with that, the leader of the statistics industry said that the realized foreign investment capital is the real figure of large international corporations that confidently invested in Vietnam with more than 23 billion USD in the past year. This is the highest investment level in the past 5 years.
In addition, the number of tourists coming to our country this year is about 12.6 million, exceeding the initial target of 8 million and reaching the revised target of 12.5 million. This shows that Vietnam is an attractive environment not only for corporations but also for people around the world.
“2024 will still be very difficult, but domestic and international organizations predict that Vietnam and some countries in the region will have better growth than in 2023.” The reason we are on the rise is because we have the confidence of people and businesses in the country and the world; this is one of the advantages that not every country has.
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