SOCIO-ECONOMIC SITUATION IN THE FOURTH QUARTER AND 2022

REFERENCE: GENERAL STATISTICS OFFICE, JAN 2023

https://www.gso.gov.vn/en/data-and-statistics/2023/01/socio-economic-situation-in-
the-fourth-quarter-and-2022/
I. ECONOMIC GROWTH
1. Gross domestic product growth rate
Gross domestic product (GDP) in the fourth quarter of 2022 was estimated to increase
by 5.92% over the same period last year, although higher than the growth rate of 4.7%
and 5.17% of the same period in 2020 and 2021, but lower than the growth rate of the
fourth quarter of the years 2011-2019[1]. Of which, agriculture, forestry, and fishery
increased by 3.85%; the industry and construction sectors increased by 4.22%; the
service sector increased by 8.12%. Regarding GDP used in the fourth quarter of 2022,
final consumption increased by 7.12 over the same period last year, contributing 82.6%
to the overall growth rate; accumulated assets increased by 5.61%, contributing 43.78
exports of goods and services decreased by 6.14%; imports of goods and services
decreased by 4.83%; the difference between import and export of goods and services
reduced by 26.38%.
GDP in 2022 was estimated to increase by 8,02%[2] compared to the previous year,
achieving the highest increase in the period 2011-2022[3] due to the economic recovery.
Of the increase in the total added value of the whole economy, the agriculture, forestry,
and fishery sector increased by 3.36%, contributing 5.11%; the industry and
construction sector increased by 7.78%, contributing 38.24%; the service sector
increased by 9.99%, contributing 56.65%.
The agriculture, forestry, and fishery sector continue to play a supporting role of the
economy, in which the output of the number of perennial industrial crops has increased,
livestock production has grown steadily, and the export of agricultural products has
achieved impressive results by improving product quality, promoting trade promotion
and diversifying export markets. The agricultural sector increased by 2.88%,
contributing 0.27 percentage points to the growth rate of the total added value of the
whole economy; forestry increased by 6.13%, contributing 0.03 percentage points; the
fisheries sector increased by 4.43%, contributing 0.12 percentage points.
In the industrial and construction sectors, businesses have been more proactive in terms
of labor and production and business plans, overcoming difficulties to recover and
expand production. The processing and manufacturing industry continued to be the
growth engine of the whole economy with an increase of 8.10%, contributing 2.09
percentage points to the growth rate of the total added value of the whole economy.
Water supply, management, and treatment of waste and wastewater increased by 7.45%,
contributing 0.04% percentage points. Electricity production and distribution increased
by 7.05%, contributing 0.26 percentage points. The mining industry increased by 5.19%,
contributing 0.17 percentage points. The construction industry increased by 8.17%,
contributing 0.59 percentage points.
The service sector recovered and grew stronger with the growth rate in 2022 reaching
9.99%, the highest in the period 2011-2022[4]. Some market service industries increased
sharply, contributing much to the growth rate of the total added value of the whole
economy as follows: Wholesale and retail increased by 10.15% compared to last year,
contributing 0.97 percentage points; transportation and warehousing increased by
11.93%, contributing 0.69 percentage points; the accommodation and food service
sector had the highest increase in the service sector[5] with an increase of 40.61%,
contributing 0.79 percentage points; financial, banking and insurance activities
increased by 9.03%, contributing 0.53 percentage points; information and
communication industry increased by 7.80%, contributing 0.5 percentage points.
Particularly, the health sector and social assistance activities decreased by 7.6%, down
0.13 percentage points because the Covid-19 epidemic was under control[6] so spending
on disease prevention and control decreased compared to 2021.
Regarding the economic structure in 2022, the agriculture, forestry, and fishery sector
accounted for 11.88%; industry and construction accounted for 38.26%; the service
sector accounted for 41.33%; product tax minus product subsidies accounted for 8.53%.
Regarding GDP use in 2022, final consumption increased by 7.18% compared to 2021,
contributing 49.32% to the overall growth rate; accumulated assets increased by 5.75%,
contributing 22,59%; exports of goods and services increased by 4.86%; imports of
goods and services increased by 2.16%; the difference between import and export of
goods and services contributed 28.09%.
GDP scale at current prices in 2022 was estimated to reach 9,513.3 million billion VND,
equivalent to 409 billion USD[7]. GDP per capita in 2022 at current prices was estimated
at 95.6 million VND/person, equivalent to 4.110 USD, up 393 USD compared to 2021.
Labor productivity of the whole economy in 2022 at current prices was estimated at
188.1 million VND/ employee (equivalent to 8.083 USD/employee, up 622 USD
compared to 2021). At constant prices, labor productivity in 2022 was up 4.8%[8] due
to improved qualifications of workers (the proportion of trained workers with diplomas
and certificates in 2022 reached 26.2%, higher than 0.1 percentage points compared to
2021).
2. Industrial production
Industrial production in the fourth quarter of 2022 tends to slow down, the growth rate
of value added was estimated at 3.6% over the same period last year[11]. For the whole
year of 2022, the value added of the industry increased by 7.69% compared to last year,
of which the manufacturing industry increased by 8.10%.
The value-added of the whole industry in 2022 was estimated to increase by 7.69%
compared to last year Of which, the manufacturing industry increased by 8.10%[12],
contributing 2.09 percentage points to the overall growth of the whole economy;
Electricity, gas, steam, and air conditioning supply increased by 7.05%, contributing
0.26 percentage points Water supply; sewerage, waste management, and remediation
activities increased by 7.45%, contributing 0.04 percentage points; the mining industry
increased by 5.19% (due to an increase in coal mining output by 4.7% and gaseous
natural gas by 8.3%), contributing 0.17 percentage points to the overall increase.
The index of industrial production ( IIP) tended to decrease in the fourth quarter due to
declining orders, high input costs, and shortage of raw material supply, of which the
IIP December 2022 was estimated to decrease by 1% compared to the previous month
and only increased by 0.2% over the same period last year; in the fourth quarter of 2022,
the IIP increased by 3%[13]. The 2022 IIP was estimated to increase by 7.8%[14], of
which a number of 2-digit industries highly increased: Beverage production increases
(32.3%); Manufacture of pharmaceuticals, medicinal chemicals, and botanical products
(19.2%); Manufacture of machinery and equipment n.e.c (19.1%); Manufacture of wood
and of products of wood and cork (17.2%); Manufacture of leather and related products
(15.6%); Manufacture of wearing apparel (14.8%); Manufacture of other transport
equipment (12.3%); Manufacture of paper and paper products (10%). In the opposite
direction, the IIP of some industries decreased: The manufacture of basic metals (-
2.5%); Manufacture of rubber and plastics products (-6.6%).
The industrial production index in 2022 compared to the previous year increased in 61
localities and decreased in 02 localities across the country. Some localities with the IIP
index achieved a relatively high increase due to the processing and manufacturing
industries; electricity generation and distribution industry increased[15]. On the other
hand, some localities have a low or low increase in IIP due to the manufacturing
industry; Mining and quarrying; electricity production, and distribution industry
increase or decrease [16].
Some key industrial products in 2022 increased sharply compared to the previous year:
Beer (35.3%); Processed fishery products (15.7%); Phone accessories (15.1%);
automobiles (14.9%); Petroleum (13.7%); chemical paint (10.4%); Steel bars and
corners and Motorbike (both by 9.9%); Monosodium glutamate (9.3%); Leather
footwear (8.8%). In the opposite direction, the number of products decreased compared
to the previous year: Extracted crude oil and television (-1.3%); aquatic feed (-3.8%);
N.P.K mixed fertilizer (-7.7%); mobile phones (-9.1%); Crude steel, iron (-12.3%).
The consumption index of the whole processing and manufacturing industry in
December 2022 increased by 0.3% compared to the previous month and decreased by
0.6% over the same period last year. In general, in 2022, the consumption index of the
entire manufacturing industry increased by 7.1% compared to 2021 (the previous year
increased by 4.8%).
The inventory index of the entire manufacturing industry as of December 31, 2022, was
estimated to increase by 10.1% over the same period last month and 13.9% over the
same period last year (the same period last year increased by 21.3%). The average
inventory rate of the whole manufacturing industry in 2022 was 78.1% (in 2021 was
79.2%).
The number of employees working in industrial enterprises as of December 1,
2022, increased by 0.4% over the same period last month and by 0.3% over the same
period last year. Of which, state-owned enterprises increased by 0.1% and 0.9%; non-
state enterprises increased by 0.4% and 0.9%; foreign-invested enterprises increased by
0.5% and decreased by 0.1%. By industry, the number of employees working in mining
enterprises increased by 0.1% over the same period last month and 2.7% over the same
period last year; manufacturing increased by 0.4% and 0.2%; Electricity, gas, steam, and
air conditioning supply remained unchanged and increased by 0.1%; Water supply;
sewerage, waste management and remediation activities increased by 0.1% and 1.2%.
3. Retail sales of consumer goods and services
Commercial activities and consumer services in 2022 have recovered strongly when the
Covid-19 pandemic is under control. Retail sales of consumer goods and services in the
fourth quarter of 2022 increased by 17.1% over the same period last year (in the third
quarter of 2022, increased by 41.2%; in the second quarter increased by 20.1%). In
general, in 2022, the total retail sales of consumer goods and services increased by
19.8% over the previous year.
Retail sales of consumer goods and services in December 2022 were estimated at 515.8
trillion VND, up 3.7% over the previous month and up 17.1% over the same period last
year. In the fourth quarter of 2022, the retail sales of consumer goods and services were
estimated at 1,514.6 trillion VND, up 4.8% compared to the previous quarter and up
17.1% over the same period last year. In which, retail sales of goods reached 1,180.4
trillion VND, up 5.3% compared to the previous quarter and up 11.1% over the same
period last year; revenue from accommodation and food services reached 147.7 trillion
VND, down 7.7% and up 46.3%; tourism revenue reached 6.5 trillion VND, down
29.4% and up 231.5%; other service revenue reached 180 trillion VND, up 15.6% and
up 41.2%.
In 2022, the total retail sales of consumer goods and services were estimated at 5,679.9
trillion VND, up 19.8% over the previous year, if excluding the price factor, it increased
by 15.6% (in 2021 decreased by 6.7%).
Retail sales of consumer goods and services in 2022 increased by 15% compared to
2019 – the year before the Covid-19 epidemic. However, the total retail sales of
consumer goods and services in 2022 will only reach 82.5% of this indicator if it is in
normal conditions without the Covid-19 pandemic from 2020 to the present.
By economic activities, in the retail sales of goods in 2022, there are cultural and
educational products, up 22.9% over the previous year; garments increased by 19.1%;
vehicles increased by 13.8%; food, foodstuff increased by 10%; household appliances,
tools and equipment increased by 7%.
According to localities, retail sales of goods in 2022 compared to the previous year
some localities: Ho Chi Minh City increased by 26.4%; Da Nang increased by 14.7%;
Can Tho increased by 14.2%; Dong Nai increased by 13.7%; Quang Ninh increased by
12.1%; Hanoi increased by 12%; Hai Phong increased by 10.4%.
Revenue from accommodation and food services in 2022 compared to the previous year
of some localities: Ba Ria – Vung Tau increased by 155.6 %; Khanh Hoa increased by
151.1%; Ho Chi Minh City increased by 121.6%; Can Tho increased by 121.3%; Lam
Dong increased by 118.4%; Da Nang increased by 83.5%; Hanoi increased by 80.4%;
Quang Ninh increased by 57.8%.
Some localities with high tourism revenue in 2022 compared to the previous year: Can
Tho was 10.3 times higher; Binh Dinh was 9.3 times higher; Khanh Hoa was 8.2 times
higher; Thua Thien – Hue was 8 times higher; Da Nang was 6.7 times higher; Hanoi
was 4.1 times higher; Hai Phong was 3.8 times higher; Ho Chi Minh City was 1.9 times
higher.
Other service revenue in 2022 compared to the previous year of some localities: Can
Tho increased by 65.1%; Tien Giang increased by 40.7%; Ho Chi Minh City increased
by 35%; Phu Yen increased by 32.6%; Da Nang increased by 29.4%; Hanoi increased
by 26.2%; Bac Giang increased by 21.6%; Hai Phong increased by 14.4%.
4. Export and import of goods and services
a) Export and import of goods
In December 2022, the import and export of goods turnover was estimated at 58.82
billion USD, which went up 2.7% compared to previous months and went down 11.2%
over the same period last year. Generally, in 2022, the total import and export turnover
of goods reach 732.5 billion USD, which went up 9.5% over last year, of which exports
increased by 10.6%; imports increased by 8.4%[35]. The trade balance of goods in 2022
was estimated to have a trade surplus of 11.2 billion USD.
Export of goods
Export turnover in November 2022 reached 29.02 billion USD, 160 million USD lower
than the estimated figure.
Export turnover in December 2022 was estimated at 29.66 billion USD, an increase of
2.2% over the previous month, of which the domestic economic sector gained 7.63
billion USD, which increased by 3.2%; the FDI sector (including crude oil) reached
22.03 billion USD, increased by 1.9%. Compared to the same period last year, export
turnover of goods in December went down 14%, of which the domestic economic sector
decreased by 22.4%, and the FDI sector (including crude oil) decreased by 10.6%.
In the fourth quarter of 2022, export turnover was estimated at 89.5 billion USD, which
decreased by 7.1% compared to the third quarter of 2022 and decreased by 6.1% over
the same period in 2021.
Generally in 2022, the export turnover was estimated at 371.85 billion USD, which rose
by 10.6% over 2021. Of which, the domestic economic sector was 95.09 billion USD,
which went up 6.5%, accounting for 25.6% of total export turnover; the FDI sector
(including crude oil) attained 276.76 billion USD, increased by 12.1%, sharing 74.4%.
In 2022, there were 36 products with an export turnover of over 1 billion USD,
contributing 94% to the total export turnover (08 products with an export turnover of
over 10 billion USD, accounting for 70.1%).
Regarding the structure of exported groups in 2022, the group of fuels and minerals
accounting for 1.4%, an increase of 0.3 percentage points over last year; the group of
processing industry accounted for 89%, a decrease of 0.1 percentage points; agricultural
and forestry products accounting for 6.7%, a decrease of 0.5 percentage points; the group
of fishery products accounting for 2.9%, an increase of 0.3 percentage points.
Import of goods
Import turnover of goods in November 2022 reached 28,28 billion USD, 123 million
USD lower than the estimated figure.
Import turnover in December 2022 was estimated at 29.16 billion USD, which increased
by 3.1% over the previous month. Of which the domestic economic sector gained 10.36
billion USD, up 2,6%; the FDI sector reached 18.8 billion USD, increased by 3.4%.
Compared to the same period in 2021, the import turnover of goods in December
decreased by 8.1%, of which the domestic economic sector decreased by 2.2%; the FDI
sector decreased by 11.1%.
In the fourth quarter of 2022, import turnover was estimated at 85.07 billion USD, which
decreased by 5.8% compared to the third quarter of 2022, and dropped by 3.9% over the
same period in 2021.
Generally in 2022, the import turnover was estimated at 360.65 billion USD, which
increased by 8.4% over 2021. Of which the domestic economic sector reached 125.79
billion USD, went up by 10%; the FDI sector gained 234.86 billion USD, edged up by
7.5%.
In 2022, there were 46 imported products with a turnover of over 1 billion USD,
accounting for 93.3% of the total import turnover (06 products with an import turnover
of over 10 billion USD, accounting for 52.1%).
Regarding the structure of imported groups in 2022, the group of input materials
accounting for 93.5%, a percentage equal to the previous year, in which machinery,
equipment, accessory, means of transport, and components accounting for 44.7%, went
down 1.8 percentage points; fuel and row materials accounting for 48.8%, went up 1.8
percentage point. The consumer goods group accounted for 6.5%, a percentage equal to
the previous year.
Regarding the export, and import of goods market in 2022, the United States was Viet
Nam’s largest export market with a turnover of 109.1 billion USD. China remained the
largest import market of Viet Nam with a turnover of 119.3 billion USD. In 2022, the
trade surplus to the EU reached 31.8 billion USD, which rose by 36.8% over last year;
the trade surplus to Japan was 836 million USD, (last year had a trade deficit of 2.7
billion USD); the trade deficit from China was 60.9 billion USD, went up 11.5%; trade
deficit from Korea was 38.3 billion USD, going up 11.5%; trade deficit from ASEAN
was 13.6 billion USD, increased by 10.6%.
The trade balance of goods in November 2022 witnessed a trade surplus of 0.74 billion
USD[36]; the trade surplus for 11 months was 10.7 billion USD; the trade surplus for
December 2022 was 0.5 billion USD; the trade surplus in 2022 was estimated at 11.2
billion USD (the same period last year saw a trade surplus of 3.32 billion USD). Of
which the domestic economic sector saw a trade deficit of 30.7 billion USD; the FDI
sector (including crude oil) saw a trade surplus of 41.9 billion USD.
b) Export and import of services
In the fourth quarter of 2022, the export turnover of services reached 4.6 billion USD,
which increased by 20% over the previous quarter and increased by 204.2% over the
same period in 2021; the import turnover of services reached 6.1 billion USD, increased
by 10.9% over the previous quarter and went up by 10.7% over the same period in 2021.
In 2022, export turnover of services was estimated at 12.9 billion USD, which went up
by 145.2% over 2021, of which travel service gained 3.8 billion USD (accounting for
29.8% of the total turnover), increased nearly 25 times compared to last year;
transportation service reached 5.6 billion USD (accounting for 43.4%), increased by
165.4%.
Import turnover of service this year was estimated at 25.5 billion USD, edged up by
23.6% over last year, of which transport services gained 12.4 billion USD (accounting
for 48.7% of total turnover), increased by 18.3%; travel services reached 6.5 billion USD
(sharing 25.6%), increased by 70.8%. The trade deficit of services in 2022 was 12.6
billion USD (in which the cost of transportation and insurance is separated from the
import of goods was 9 billion USD).