Anticipated GDP growth rate for 2022 hits 8.02 per cent

December 29, 2022 | 10:36
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This is the highest growth rate in over a decade, indicating a robust economic rebound this year.

The General Statistics Office (GSO) has revealed that the GDP growth of the Vietnamese economy in 2022 is anticipated to be 8.02 per cent compared to the previous year.

This is the greatest rise since 2010. According to the GSO, the GDP growth rates for the years 2011 through 2021 stood at 6.41 per cent, 5.50 per cent, 5.55 per cent, 6.42 per cent, 6.99 per cent, 6.69 per cent, 6.94 per cent, 7.47 per cent, 7.36 per cent, 2.87 per cent, and 2.55 per cent respectively.

Thus, despite the problems faced by the global economy, the Vietnamese economy has witnessed a robust rebound after the pandemic's devastating effects thanks to decisive and effective actions and orientations.

According to the GSO, the agriculture, forestry, and fisheries sectors increased by 3.36 per cent, contributing 5.11 per cent to the total added value of the entire economy. The industry and construction sectors climbed by 7.78 per cent, making up 38.24 per cent of the total, and the service sector grew by 9.99 per cent, accounting for 56.65 per cent.

Anticipated GDP growth rate for 2022 hits 8.02 per cent
Industrial output drives economic expansion in 2022

Director general of the GSO Nguyen Thi Huong said, "The agriculture, forestry, and fisheries sectors continue to assist the economy."

Specifically, the agricultural sector grew by 2.88 per cent, contributing 0.27 percentage points to the growth rate of total added value for the entire economy. The forestry sector rose by 6.13 per cent, adding 0.03 percentage points, and the fisheries sector increased by 4.43 per cent, making up 0.12 percentage points.

In the industry and construction sectors, the processing and manufacturing industries remained the growth engine of the whole economy, adding 2.09 percentage points to the total value added. The construction sector contributed 0.59 percentage points to the rise.

The service sector saw the best recovery and development among the three economic sectors, with a growth rate of 9.99 per cent in 2022, the highest over the 2011-2022 period.

Specifically, a number of market service sectors grew rapidly, adding significantly to the rate of expansion of total added value.

In particular, the wholesale and retail sectors rose by 10.15 per cent over the previous year, providing 0.97 percentage points, and the transportation and storage sectors increased by 11.9 per cent, adding 0.69 percentage points.

With a growth rate of 40.61 per cent, the hotel and food service industries contributed 0.79 percentage points to the service sector's overall growth. Financial, banking, and insurance operations grew by 9.03 per cent, adding 0.53 percentage points to the overall growth.

Agriculture, forestry, and fishing accounted for 11.88 per cent of the economic structure in 2022, according to the GSO. Industry and building accounted for 38.26 per cent, with the service sector at 41.33 per cent, and product tax minus product subsidies at 8.53 per cent.

In 2022, final consumption increased by 7.18 per cent compared to 2021, contributing 49.32 per cent to the overall growth rate. Accumulated assets increased by 5.75 per cent, contributing 22.5 per cent. Exports of goods and services rose by 4.86 per cent, imports of goods and services climbed by 2.16 per cent, and the difference between the import and export of goods and services contributed 28.0 per cent.

Commenting on these findings, the GSO said that Vietnam's economy in 2022 shone against the backdrop of significant global economic problems, unexpected oscillations, and high volatility. Inflation soared to its highest level in decades, causing nations to tighten their monetary policies.

In addition, strategic rivalries, geopolitical tension among major nations, and the conflict between Russia and Ukraine have heightened the dangers to financial markets, currencies, and global energy and food security.

The Prime Minister has directed ministries, branches, and localities to closely monitor the situation and policy changes of other countries in order to swiftly issue monetary and fiscal policies, as well as appropriate macro solutions, in order to achieve the socioeconomic goals of 2022 and for the period from 2021 to 2025 outlined in the Resolution of the XIII Congress. This is in accordance with the government's determination to recover and develop the economy and generate momentum.

Simultaneously, it executed the duties and solutions of Resolutions No.01/NQ-CP, No.02/NQ-CP, and No.11/NQ-CP on the Recovery and Development of the Socioeconomic Programme in an active and decisive manner.

As a consequence, the macro economy has remained stable, inflation is under control, and balance has been maintained. A healthier investment climate contributes significantly to socioeconomic recovery and growth, gaining the confidence and support of the general public and business community.

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By Ha Nguyen

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