Vietnam enters group of upper middle-income countries

According to the government report on socio-economic development presented at the seventh session of the 15th National Assembly, the national GDP was posted at 5.05% in 2023. Although lower than expected, it was a relatively high level in the region and the world.

In December 2023, the General Statistics Office said that with an estimated GDP growth rate of 5.05%, the scale of Vietnam’s economy at current prices was estimated at 10.22 quadrillion VND, equivalent to 430 billion USD. GDP per capita was estimated at 101.9 million VND, equivalent to 4,284 USD — an increase of 160 USD compared to 2022. Thus, Vietnam’s per capita income hit 100 million VND per person per year by the end of 2023.

In addition, state budget revenue was reported at over 1.75 quadrillion VND in 2023, up 8.2% compared to the estimate, thus meeting the requirements of socio-economic development, national defence and security, and other urgent tasks.

In addition, several other macroeconomic indicators also saw positive changes. The total import-export revenue was posted at 681 billion USD and trade surplus hit 28.3 billion USD, contributing to ensuring the balance of payments and foreign currency balance.

Specifically, FDI surged to 39.4 billion USD in 2023, a sharp rise of 34.5%, with a record disbursement of 23.2 billion USD, an annual increase of 3.5%.