HANOI – Vietnam’s economy expanded 5.05% in 2023, exceeding the government’s official growth target of 6.5%, as the Southeast Asian export hub suffered from a slowdown in external demand.
The latest annual GDP figure contrasts markedly with 2022 when Vietnam posted an 8.02% expansion, the fastest in a quarter-century, with exports and domestic retail sales rebounding after the government lifted all pandemic lockdown measures.