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Vietnam's total exports in 2022 will increase by 11% over the previous year to reach US$371 billion, a record high. However, due to concerns about the global economic slowdown, exports have turned to a year-on-year decline since November. Vietnam's GDP from October to December grew by 5.92% year-on-year, a deceleration from July to September (13.71%). There are many views that economic growth is slowing. The Asian Development Bank (ADB) released a forecast in mid-December that Vietnam's economic growth rate is expected to be 6.3% in 2023. Vietnam’s December consumer price index (CPI) rose 4.55 percent year-on-year, higher than the government’s 2022 target of 4 percent for three consecutive months. Inflation will have an impact on personal consumption and the movement of foreign-funded enterprises, and the Vietnamese government is strengthening its vigilance.
According to data released by the General Statistics Office of Vietnam on December 29, the real gross domestic product (GDP) in 2022 will increase by 8.02% compared with the previous year. The previously strictly enforced travel restrictions related to the new crown epidemic have been relaxed, and personal consumption has recovered sharply. It has created the highest growth rate since 2009 with public data retrospectively. With a population of about 100 million people, Vietnam has a growing middle-income class as the economy grows. In order to compete for this potential market, foreign-funded retail companies have opened new stores in Vietnam. Final consumption expenditures such as personal consumption increased by 7.18%
Yusuke Koshiyama, an economist at Mizuho Research & Technologies in Japan, pointed out that "Vietnam's economic growth rate will be supported by the growth of personal consumption in the medium and long term, but the economic trend of the United States in 2023 may have a huge impact on the economy."
According to data released by the General Statistics Office of Vietnam on December 29, the real gross domestic product (GDP) in 2022 will increase by 8.02% compared with the previous year. The previously strictly enforced travel restrictions related to the new crown epidemic have been relaxed, and personal consumption has recovered sharply. It has created the highest growth rate since 2009 with public data retrospectively. With a population of about 100 million people, Vietnam has a growing middle-income class as the economy grows. In order to compete for this potential market, foreign-funded retail companies have opened new stores in Vietnam. Final consumption expenditures such as personal consumption increased by 7.18%
Yusuke Koshiyama, an economist at Mizuho Research & Technologies in Japan, pointed out that "Vietnam's economic growth rate will be supported by the growth of personal consumption in the medium and long term, but the economic trend of the United States in 2023 may have a huge impact on the economy."
