Vietnam 2022 GDP growth quickens to 8.02%, fastest since 1997

Vietnam's gross domestic product grew 8.02 per cent in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports.

The reading is higher than an official growth target of 6.0-6.5 per cent and growth last year of just 2.58 per cent, when COVID-19 lockdowns left a dent on the economy and impacted factory activity, according to The Economic Times.

The high annual growth number comes despite fears of a global recession and its impact on demand for exports from Vietnam, a key manufacturer of goods like textiles, footwear and electronics for big-name international brands.

"The economic performance is worth noting amid global economic and political uncertainty and challenges," the General Statistics Office (GSO) said in a report.

GDP growth in the fourth quarter was 5.92 per cent, slowing from a growth of 13.71 per cent in the third quarter, the GSO said.

Exports in 2022 were up 10.6 per cent to $371.85 billion, while retail sales rose 19.8 per cent, the GSO said.