Vietnam’s GDP grew by 6.72% yoy in Q4 of 2023, quickening from an upwardly revised 5.47% rise in Q3 and pointing to the 9th straight period of expansion, flash estimates showed. The latest figure was also the fastest economic output since Q3 of 2022, buoyed by a 7.29% growth in the service sector, which accounts for about 49.1% of the GDP. Additionally, construction and agriculture rose 7.35%, and 4.13%, each. Meantime, the Vietnamese central bank has trimmed its policy rates 4 times this year to spur credit demand, slashing its refinance and discount rates by a total of 150bps, each. For the full 2023, the economy expanded 5.05%, missing the government target of 6.5% for the year and falling below average growth of 5.87% in the prior decade, rattled by global headwinds, a stagnation in public investment, and an anti-graft crackdown by the government. For 2024, Hanoi targets the economy to grow between 6 to 6.5%, supported by exports as well as tourism and related services. source: General Statistics Office of Vietnam.

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