Aerial photo taken on Dec 1, 2021 shows the train running on the Cat Linh-Ha Dong metro line in Hanoi, capital of Vietnam. (CHINA RAILWAY SIXTH GROUP CO LTD / HANDOUT VIA XINHUA)
HANOI – Vietnam's gross domestic product grew 8.02 percent in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports.
The high annual growth number comes despite fears of a global recession and its impact on demand for exports from Vietnam, a key manufacturer of goods like textiles, footwear and electronics for big-name international brands
The reading is higher than an official growth target of 6.0 percent-6.5 percent and growth last year of just 2.58 percent, when COVID-19 lockdowns left a dent on the economy and impacted factory activity.
The high annual growth number comes despite fears of a global recession and its impact on demand for exports from Vietnam, a key manufacturer of goods like textiles, footwear and electronics for big-name international brands.
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"The economic performance is worth noting amid global economic and political uncertainty and challenges," the General Statistics Office (GSO) said in a report.
GDP growth in the fourth quarter was 5.92 percent, slowing from a growth of 13.71 percent in the third quarter, the GSO said.
Exports in 2022 were up 10.6 percent to $371.85 billion, while retail sales rose 19.8 percent, the GSO said.
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Consumer prices in December rose 4.55 percent from a year earlier, it added.