Vietnam's economic growth is fastest in Asia this year

Vietnam's gross domestic product (GDP) rose 8.02% in the year to December, according to official data, making it the fastest growth pace in Asia this year. The figure was even faster than the Vietnamese government's initial target of 6-6.5% growth. The growth was aided by a quicker-than-expected 5.92% expansion in the final quarter of the year. ADB forecasts Vietnam’s 2023 growth to be 6.3% as major trade partners see a slowdown. Manufacturing, which grew 8.1% during the year, was the main driver of economic growth, according to Nguyen Thi Huong, head of Vietnam’s General Statistics Office. Strong improvement in services also supported growth.