Vietnam’s Remarkable Economic Growth in 10 years

According to Yahoo Finance, Vietnam, along with China and several other Asian countries, ranks among the top 20 countries in terms of economic growth over the past decade.

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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