Vietnam Economic Overview 2023
Following two years marked by the challenges of COVID-19 and an associated economic slowdown, Vietnam demonstrated resilience and robust recovery in 2022, achieving a GDP growth rate of 8%. In 2023, the economy continued its positive trajectory with a GDP growth rate of 5.1%, and projections indicate further expansion to between 6% and 6.5% in 2024. This positions Vietnam as one of the fastest-growing economies in Southeast Asia.
Over the past three decades, Vietnam has consistently recorded annual GDP growth rates ranging from 5.3% to 7.8%, transitioning the country from extreme poverty to a lower middle-income status. A significant driver of this economic transformation has been international trade, which contributes to 70-80% of Vietnam's GDP.
Vietnam has actively pursued and established trade agreements with numerous global partners, bolstering its confidence in sustaining economic growth and fostering expanded trade relations in the years to come.