Bắc Ninh
Vietnam enters group of upper middle-income countries
Despite lower-than-expected economic growth, the Vietnamese economy reached a scale of 430 billion USD at the end of 2023, causing the country to enter the list of upper middle-income countries.
According to the government report on socio-economic development presented at the seventh session of the 15th National Assembly, the national GDP was posted at 5.05% in 2023. Although lower than expected, it was a relatively high level in the region and the world.
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Vietnam continues to maintain trade surplus of 28.3 billion USD in 2023. |
In December 2023, the General Statistics Office said that with an estimated GDP growth rate of 5.05%, the scale of Vietnam’s economy at current prices was estimated at 10.22 quadrillion VND, equivalent to 430 billion USD. GDP per capita was estimated at 101.9 million VND, equivalent to 4,284 USD — an increase of 160 USD compared to 2022. Thus, Vietnam’s per capita income hit 100 million VND per person per year by the end of 2023.
In addition, state budget revenue was reported at over 1.75 quadrillion VND in 2023, up 8.2% compared to the estimate, thus meeting the requirements of socio-economic development, national defence and security, and other urgent tasks.
In addition, several other macroeconomic indicators also saw positive changes. The total import-export revenue was posted at 681 billion USD and trade surplus hit 28.3 billion USD, contributing to ensuring the balance of payments and foreign currency balance.
Specifically, FDI surged to 39.4 billion USD in 2023, a sharp rise of 34.5%, with a record disbursement of 23.2 billion USD, an annual increase of 3.5%.
Forty-nine years since Reunification Day (April 30, 1975 - 2024), Vietnam has recorded significant progress in its socio-economic development and quality of life for its citizens has continually improved. The scale of its GDP has consistently expanded, reaching approximately 430 billion USD in 2023, making it the fifth-largest economy in ASEAN and 35th among the world’s largest 40 economies.
BAC GIANG - In recent years, Bac Giang has always maintained double-digit economic growth, among the leading localities in the country. To maintain growth momentum and expand economic scale, the province has strived to innovate itself, stay creative, and drastically implement synchronous solutions.
United Nations (UN) Secretary General Antonio Guterres expressed his impression of Vietnam's economic growth, at a working session with Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN, on April 11 in New York.
The European Chamber of Commerce Vietnam ( EuroCham) on April 8 released the Business Confidence Index (BCI) for the first quarter of 2024, saying that the index reached 52.8 points - the highest level since 2022.
The fastest first-quarter GDP growth in four years and a revival in orders have come as a shot in the arm for businesses after a challenging 2023.
Prime Minister Pham Minh Chinh chaired the Government’s regular meeting and a teleconference between the Government and the 63 localities on April 3 to discuss the socio-economic situation in March and the first quarter and set tasks for Q2.
Source: NDO
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