Business News 03/01/2024, 04:53

Vietnam's GDP in Q4 2023 increased by 6.72%, reaching a projected annual growth of 5.05%

According to the General Department of Statistics of Vietnam, Vietnam's GDP increased by 6.72% year-on-year in the fourth quarter of 2023.

Vietnam's GDP in Q4 2023 increased by 6.72%, reaching a projected annual growth of 5.05%

Of this increase, the agriculture, forestry, and fisheries sector grew by 4.13%, contributing 7.51% to the economy's overall gross value added. The industry and construction sector increased by 7.35%, contributing 42.58%, while the service sector grew by 7.29%, contributing 49.91%.

Vietnam's GDP growth rate for the full year 2023 is projected at 5.05%. Of the economy's total value added, agriculture, forestry, and fisheries grew by 3.83% (contributing 8.84% to the increase in total value added), industry and construction grew by 3.74% (contributing 28.87%), and the service sector grew by 6.82% (contributing 62.29%).

According to Ms. Nguyen Thi Huong, Director General of the Department of Statistics, although GDP growth for the full year did not reach the government's target of 6.5%, Vietnam is one of the fastest growing countries in the region and globally. The agriculture, forestry, and fisheries sectors continue to be the pillars of the economy, while the industrial and construction sectors are facing various difficulties amid declining global demand.

VnEconomy / Translator: Hoàng Giang
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