Vietnam’s Remarkable Economic Growth in 10 years

An article from the market news website recently sourced data from the International Monetary Fund (IMF), which analyzed the real GDP growth rates of countries over the past 10 years. The average real GDP growth rate was used to rank the countries.

Yahoo Finance stated, “With an average real GDP growth of 6.1% over the past decade, Vietnam is among the countries with high economic growth. The agricultural sector plays a significant role in supporting the economy by contributing to the GDP as well as employment.”

With an average real GDP growth rate of 6.1% over the past 10 years, Vietnam ranks among countries with high economic growth. Photo: VNA

Vietnam achieved a record-high agro-forestry-fishery export value of US $53.22 billion in 2022, representing a 9.3% increase compared to the previous year. This resulted in a trade surplus of US $8.5 billion in the agricultural sector, accounting for over 75% of the total trade surplus, according to VietnamPlus.

The article also highlighted that the US remains Vietnam’s largest market for agro-forestry-fishery products, with an import turnover of $13.3 billion, equivalent to 25% of the total exports of these products. China follows with over US $10 billion (18.9%), Japan with US $4.2 billion (7.9%), and the Republic of Korea with US $2.5 billion (4.7%).

In terms of continents, Asia accounted for 44.7% of the exports, Americas 27.4%, Europe 11.3%, Oceania 1.7%, and Africa 1.7%.

The article mentioned the top five countries with the highest economic growth rates over the past 10 years: Guyana (South America) at nearly 15%, Ireland (Europe) at over 9%, Ethiopia (Africa) at 8.43%, Tajikistan (Central Asia) at over 7%, and Côte d’Ivoire (West Africa) at over 6.8%.

Vietnam is considered one of the most open economies in the world. Photo: VNA

Andrea Coppola, World Bank Lead Economist for Vietnam, describes Vietnam in 2023 as resilient. Despite the global economic slowdown, the Southeast Asian nation has maintained a growth rate that many other countries can only dream of.

Coppola pointed out that Vietnam is one of the most open economies in the world. Its strong trade relations with other countries are a source of strength and success. Considering the challenging global context, Vietnam’s economic performance in 2023 is positive.

According to the WB’s Macro and Poverty Outlook released in October, Vietnam’s economic growth is expected to slow to 4.7% this year, and then recover to 5.5% in 2024 and 6.0% in 2025.

Rosy Huong

The post Vietnam’s Remarkable Economic Growth in 10 years appeared first on Vietexplorer.com.

Comments

Post a Comment

Popular posts from this blog

Ho Chi Minh City Unveils New Street Food Zone

Image
At the end of August 2017, Ho Chi Minh City opened the country’s first legal street food area on Nguyen Van Chiem Street in District 1. Since its opening, this street has quickly become a popular culinary destination for city residents and tourists. Sticky rice, fried noodles, dumplings, milk tea, and various other main dishes and snacks are sold at lower prices compared to restaurants. Saigonese people often add lots of vegetables and herbs, especially when eating watery dishes like noodles or Pho. Many street food dishes also include protein to balance the meal. The pilot implementation of this business model on Nguyen Van Chiem Street has provided stability for households, eliminating the need for roadside selling. This model not only ensures security and order but also enhances the urban beauty. Nguyen Van Chiem Street and Bach Tung Diep Park are part of the “Pilot Food Area for Temporary Business” project proposed by District 1 to the People’s Committee of Ho Chi Minh City
Read more

More than 30 Vietnamese national cultural traditions added

Image
Minister of Culture, Sports and Tourism Nguyen Van Hung has recently approved a decision to include 30 more practices, representations, and knowledge in the list of national intangible cultural heritage. The Black H’mong women in Sapa, Lao Cai Province are renowned for their skill in weaving cloth from hemp and dyeing it a deep indigo blue. Photo: Sapa Ecolodge This presents a great opportunity for localities to promote heritage conservation and transform them into tourist attractions that will attract more visitors. The newly recognized intangible heritage includes the craft of making Lai Vung spring rolls in Dong Thap Province, the Liem Thuan drum singing in Ha Nam Province, the Vovinam martial arts in Ho Chi Minh City, the Bong Dien Festival in Thai Binh Province, the art of making Black H’Mong ethnic group costumes in Lao Cai Province, the Co Lao ethnic group forest worship ceremony in Ha Giang Province, Kieu singing in Quang Binh Province, and many others. The tra
Read more

Bank worker creates Ho Chi Minh City’s largest hydroponic farm

Image
Tuan was impressed by his experience working on land appraisal for the bank, which made him realize the challenges that farmers often face due to unfavorable weather conditions. In addition, with the shrinking land area for farming in Ho Chi Minh City every year, there is a clear need for an agricultural model that can yield high-quality products and high yields. These situations motivated Tuan to research farming and establish his own hydroponic vegetable farm, which can produce up to five times more than traditional growing methods. “After leaving my stable job and income to pursue farming, I faced great pressure from my family, but my passion drove me to ignore their concerns,” Tuan shared. Since hydroponic farming is a relatively new venture that requires significant initial investments, Tuan used his entire savings and secured additional funding from the bank. He also successfully convinced others to join his endeavors. So far, Tuan has invested over VND12 billion (US$488,600
Read more