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| Inside an electric vehicle factory in Hai Phong. (Source: Getty Image) |
Speaking at a press conference, General Director of the General Statistics Office Nguyen Thi Huong said that in 2023, the world economy will continue to face many difficulties and challenges. Strategic competition between major countries is increasingly fierce and comprehensive, increasing geopolitical tensions; the complicated Russia-Ukraine conflict, and fighting in the Middle East have negatively impacted the world economic recovery process after the Covid-19 pandemic.
Ms. Huong emphasized: "In that context, with the leadership of the Party; the timely, close and effective coordination of the National Assembly and agencies in the political system; the proactive, flexible and drastic direction and administration of the Government and the Prime Minister; the close coordination of all levels, sectors and localities; the solidarity, trust and support of the people and the business community; the socio-economic situation of our country 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 in the world".
Gross domestic product (GDP) in the fourth quarter of 2023 is estimated to increase by 6.72% over the same period last year, higher than the fourth quarters of 2012-2013 and 2020-2022. Vietnam's economy is growing with a positive trend, with each quarter higher than the previous quarter.
Of which, the agriculture, forestry and fishery sector increased by 4.13%, contributing 7.51% to the total added value of the whole economy; the industry and construction sector increased by 7.35%, contributing 42.58%; the service sector increased by 7.29%, contributing 49.91%.
Regarding GDP use in the fourth quarter of 2023, final consumption increased by 4.86% over the same period last year, contributing 53.18% to the overall growth rate of the economy; asset accumulation increased by 6.21%, contributing 44.18%; exports of goods and services increased by 8.68%; imports of goods and services increased by 8.76%; the difference between exports and imports of goods and services contributed 2.64%.
"GDP in 2023 is estimated to increase by 5.05% over the previous year, only higher than the growth rates of 2.87% and 2.55% in 2020 and 2021 in the 2011-2023 period," Ms. Nguyen Thi Huong emphasized.
In the total added value 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%.
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% over the previous year, higher than the increases of 2.01% and 1.75% in 2020-2021.
Some market service sectors have a large proportion, contributing much to the growth rate of total added value of the whole economy such as: wholesale and retail increased by 8.82% compared to the previous year, contributing 0.86 percentage points; transportation and warehousing increased by 9.18%, contributing 0.55 percentage points; financial, banking and insurance activities increased by 6.24%, contributing 0.37 percentage points; accommodation and catering services increased by 12.24%, contributing 0.31 percentage points.
Regarding the economic structure in 2023, the agriculture, forestry and fishery sector accounts for 11.96%; the industry and construction sector accounts for 37.12%; the service sector accounts for 42.54%; product taxes minus product subsidies account for 8.38% (The corresponding structure in 2022 is 11.96%, 38.17%, 41.32%, 8.55%).
Regarding GDP use in 2023, according to Ms. Huong, final consumption increased by 3.52% compared to 2022, contributing 41.04% to the overall growth rate of the economy; asset accumulation increased by 4.09%, contributing 26.64%; exports of goods and services decreased by 2.54%; imports of goods and services decreased by 4.33%; the difference between exports and imports of goods and services contributed 32.32%.
GDP scale at current prices in 2023 is estimated at 10,221.8 trillion VND, equivalent to 430 billion USD. GDP per capita in 2023 at current prices is estimated at 101.9 million VND/person, equivalent to 4,284 USD, an increase of 160 USD compared to 2022.
Labor productivity of the entire economy in 2023 at current prices is estimated at VND 199.3 million/worker (equivalent to USD 8,380/worker, an increase of USD 274 compared to 2022); at comparable prices, labor productivity increased by 3.65% due to improved qualifications of workers (the rate of trained workers with degrees and certificates in 2023 is estimated at 27%, 0.6 percentage points higher than in 2022).
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