Vietnam’s gross domestic product grew 8.02% 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% and growth last year of just 2.58%, when Covid-19 lockdowns left a dent on the economy and impacted factory activity.
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%, slowing from a growth of 13.71% in the third quarter, the GSO said.
Exports in 2022 were up 10.6% to $371.85 billion, while retail sales rose 19.8%, the GSO said.
Consumer prices in December rose 4.55% from a year earlier, it added.