Vietnam skyline

Vietnam GDP Q4 2022

Vietnam: GDP grows at softest pace since Q1 2022 in Q4

GDP growth fell to 5.9% year on year in the fourth quarter from 13.7% in the third quarter. Q4’s reading marked the slowest expansion since Q1, driven by a less favorable base effect. Overall, Q4’s result led to 8.0% annual growth in 2022, slightly higher than our panelists’ most recent expectations of 7.5%.

Significant slowdowns occurred in the services, industry and construction sectors. Services expanded 8.1% (Q3: 19.3%), industry 3.6% (Q3: 11.1%) and construction 6.7% (Q3: 17.5%). That said, growth in the agriculture, forestry and fisheries sector accelerated to 3.9% (Q3: 3.7%).

Looking ahead, quarterly yoy growth is set to remain robust in Q1 as increased post-pandemic spending and exports remain resilient, likely boosted by increased tourism amid China’s reopening. That said, higher interest rates will likely add downward pressure to activity.

On the outlook, analysts at United Overseas Bank said:

“The strong growth seen in 2022 showed Vietnam’s resilience and ability to pull off a recovery from the damages caused by the COVID-19 pandemic, due to its diversified economic sectors in manufacturing and services. However, overall growth momentum is likely to moderate further in 2023, as policy tightening from major central banks weigh on external demand.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest