Socio-economic situation in the fourth quarter and 2023

1. Growth rate of gross domestic product

Gross domestic product (GDP) in the fourth quarter of 2023 was estimated to increase by 6.72% over the same period last year, higher than the fourth quarter of 2012-2013 and 2020-2022[1] and with a positive trend, the next quarter was higher than the previous quarter (first quarter increased by 3.41%, second quarter increased by 4.25%, third quarter increased by 5.47%). Of which, agriculture, forestry, and fishery sector increased by 4.13%, contributing 7.51% to the increase in total added value of the entire economy; the industry and construction sector increased by 7.35%, contributing 42.58%; the service sector increased by 7.29%, contributing 49.91%. Regarding GDP usage in the fourth quarter of 2023, final consumption increased by 4.86% over the same period last year, contributing 53.18% to the overall growth rate of the economy; accumulated assets increased by 6.21%, contributing 44.18%; export of goods and services increased by 8.68%; imports of goods and services increased by 8.76%; the difference between import and export of goods and services contributes 2.64%.

GDP in 2023 was estimated to increase by 5.05% compared to the previous year, only higher than the growth rate of 2020 and 2021 in the period 2011-2023[2]. In the increase in total added value of the entire economy, the agriculture, forestry and fishery sector increased by 3.83%, contributing 8.84%; the industry and construction sector increased by 3.74%, contributing 28.87%; the service sector increased by 6.82%, contributing 62.29%.

 Figure 1. Growth rate of GDP and VA by region by quarter in 2023 (%)

            The agriculture, forestry, and fishery sector has grown positively, in which the export turnover of some agricultural products has increased, livestock has developed stably, and the application of high-tech models in white-legged shrimp farming has brought economic efficiency. The added value of the agricultural sector in 2023 increased by 3.88% compared to the previous year, contributing 0.34 percentage points to the increase in the total added value of the entire economy; the forestry sector increased by 3.74% but accounted for a low proportion so it only contributed 0.02 percentage points; the fishery sector increased by 3.71%, contributing 0.1 percentage points.

In the industrial and construction sector, the industry faces many difficulties and challenges in the context of declining world aggregate demand. The added value of the entire industry in 2023 only increased by 3.02% compared to the previous year, which was the lowest increase of any year in the period 2011-2023[3], contributing 1.0 percentage points to the growth rate of the total added value of the entire economy. Of which, processing and manufacturing industry increased by 3.62%, which was the lowest increase of any year in the period 2011-2023[4], contributing 0.93 percentage points. Water supply, management, and treatment of waste and wastewater increased by 5.18%, contributing 0.03 percentage points. Electricity production and distribution increased by 3.79%, contributing 0.14 percentage points. The mining industry decreased by 3.17%, a decrease of 0.1 percentage point. The construction industry increased by 7.06%, contributing 0.51 percentage points.

Trade and tourism activities maintain high growth momentum, positively contributing to the growth of the service sector. The added value of the service sector in 2023 increased by 6.82% compared to the previous year, higher than the increase of 2.01% and 1.75% in the years 2020-2021[5]. Some market service industries have a large proportion, contributing a lot to the growth rate of total added value of the entire economy as follows: Wholesale and retail increased by 8.82% compared to the previous year, contributing 0.86 percentage points; the transportation and warehousing industry increased by 9.18%, contributing 0.55 percentage points; finance, banking and insurance activities increased by 6.24%, contributing 0.37 percentage points; accommodation and food services increased by 12.24%, contributing 0.31 percentage points.

Regarding the economic structure in 2023, the agriculture, forestry and fishery sector accounted for 11.96%; the industry and construction sector accounted for 37.12%; service sector accounted for 42.54%; product tax minus product subsidies accounted for 8.38% (The corresponding structure for 2022 was 11.96%; 38.17%; 41.32%; 8.55%).

Regarding GDP usage in 2023, final consumption increased by 3.52% compared to 2022, contributing 41.04% to the overall growth rate of the economy; accumulated assets increased by 4.09%, contributing 26.64%; export of goods and services decreased by 2.54%; imports of goods and services decreased by 4.33%; the difference between import and export of goods and services contributes 32.32%.

GDP scale at current prices in 2023 was estimated to reach 10,221.8 trillion VND, equivalent to 430 billion USD[6]. GDP per capita in 2023 at current prices was estimated to reach 101.9 million VND/person, equivalent to 4,284.5 USD, an increase of 160 USD compared to 2022. Labor productivity[7] of the entire economy in 2023 at current prices was estimated reaching 199.3 million VND/ employee (equivalent to 8,380 USD/worker, an increase of 274 USD compared to 2022); at constant prices, labor productivity increased by 3.65% due to improved qualifications of workers (the rate of trained workers with degrees and certificates in 2023 was estimated to reach 27%, 0.6 percentage points higher than in 2022).

2. Agriculture, forestry and fishery

a) Agriculture

Agricultural, forestry and fishery production in 2023 growed positively, maintaining the supporting role of the economy. The rice area for the whole year was estimated at 7.12 million hectares, an increase of 10.6 thousand hectares compared to the previous year, the rice yield was estimated at 61 quintals/ha, an increase of 1 quintal/ha; Rice output reached 43.5 million tons, an increase of 0.8 mill. tons. Food grain output in 2023 reached 47.9 million tons, an increase of 790 thousand tons compared to 2022, of which corn output reached 4.4 million tons, a decrease of 4.7 thousand tons.

Spring rice

Spring rice crop in 2023 area reached 2,952.5 thousand hectares, down 39.8 thousand hectares compared to the previous year, but because the yield reached 68.4 tons/ha, an increase of 1.6 tons/ha, the output reached 20.2 million tons, an increase of 213.3 thousand tons.

Summer-autumn rice

The country’s summer-autumn rice cultivation area in 2023 reached 1,912.8 thousand hectares, down 2.8 thousand hectares compared to the summer-autumn crop in 2022; yield reached 57.6 quintals/ha, an increase of 1 quintal/ha; output reached at 11 million tons, an increase of 181.6 thousand tons.

Autumn – winter rice

Autumn-winter rice cultivation area was estimated at 708.8 thousand hectares, an increase of 60.5 thousand hectares compared to last year’s crop; yield reached 56.6 tons/ha, an increase of 0.8 tons/ha; output was estimated at 4 million tons, an increase of 391.9 thousand tons.

Winter rice

Winter crop, the whole country cultivated 1,545.3 thousand hectares, down 7.7 thousand hectares compared to last year’s crop; productivity was estimated at 53.3 tons/ha, an increase of 0.3 tons/ha; output was estimated at 8.23 million tons, equivalent to last year’s crop.

– Annual crops: The planted area of some annual crops such as corn, sweet potatoes, peanuts, and soybeans decreased compared to the previous year due to low economic efficiency, farmers narrowed production to focus on growing vegetables or switching to growing fruits or trees as animal feed, implementing a circular agricultural economy.

– Perennial trees: In 2023, the perennial crop area was estimated at 3,760.3 thousand ha, up 1.1% compared to 2022, of which industrial plants reached 2,161.4 thousand ha, down 0.9%; fruit trees reached 1,267.3 thousand ha, up 4.1%.

– Livestock: Livestock has developed stably, epidemics were basically controlled.

b) Forestry

The area of concentrated newly planted forests the fourth quarter, 2023 was estimated at 103.5thousand hectares, down 5% over the same period last year; the damaged forest area was 130.5 hectares, down 41%. General, in 2023, the area of newly concentrated planted forest was estimated at 298.2 thousand hectares, down 2.7% over last year; the damaged forest area was 1,722.3 hectares, up 53.5%.

c) Fishery

Fishery output in the fourth quarter of 2023 was estimated at 2,516.3 thousand tons, up 2.6% over the same period last year. General, in 2023, the fishery production was estimated at 9,312.3 thousand tons, up 2.2% compared to 2022, of which aquaculture production reached 5,455.8 thousand tons, up 4.2%; the caught fishery production reached 3,856.5 thousand tons, down 0.5%.

3. Industrial production

– The added value of the industry sector in 2023 is estimated to increase by 3.02% compared to the previous year. Of which, the manufacturing industry increased by 3.62%, contributing 0.93 percentage points to the increase in total added value of the entire economy; the electricity, gas, steam and air conditioning supply increased by 3.79%, contributing 0.14 percentage points; water supply; sewerage, waste management and remediation activities increased by 5.18%, contributing 0.03 percentage points; the mining industry decreased by 3.17%, a decrease of 0.10 percentage points

– The consumption index of the whole processing and manufacturing industry in December 2023 increased by 3.1% compared to the previous month and increased by 5.1% over the same period last year. In general, in 2023, the consumption index of the entire processing and manufacturing industry increased by 1.8% compared to 2022 (the previous year increased by 7.1%).

– The inventory index of the entire manufacturing industry as of December 31,2023 was estimated to decrease by 1.3% compared to the same time last month and increase 19.8% compared to the same time last year (the same period last year increased by 13.9%). The average inventory rate of the whole manufacturing industry in 2023 is 87.5% (78.1% in 2022).

– The number of employees working in industrial enterprises as of December 1, 2023 increased by 0.9% compared to the same time last month and decreased by 2.2% compared to the same time last year

4. Enterprise activities

a) Enterprise registration status ^[8]

– In December, the whole country had 13.3 thousand newly established enterprises, down 7.1% over the previous month and up 23% over the same period last year; 6,393 re-operated enterprises, down 2.6% and up 4.7%; 3,802 enterprises ceased for a certain time, down 15.7% and up 0.7%; 8,687 enterprises temporarily ceased and awaited dissolution procedures, an increase of 31.7% and an increase of 48.6%; 1,866 enterprises completed dissolution procedures, an increase of 29.3% and an increase of 6%.

– Overall, in 2023, the whole country will have 217.7 thousand newly registered businesses and return to operation, an increase of 4.5% compared to the previous year; On average, each month, there were 18.1 thousand new businesses established and returned to operation. The number of businesses withdrawing from the market was 172.6 thousand, an increase of 20.5%; On average, 14.4 thousand businesses withdraw from the market every month.

b) Business trends of the enterprise

Results of the survey of business trends of enterprises in the processing and manufacturing industry in the fourth quarter of 2023 show that 31.7% of enterprises rated it better than the third quarter of 2023 and expected to In the first quarter of 2024, 31.6% of enterprises assessed that the trend would be better compared to the fourth quarter of 2023.

c) Science and technology

– Regarding innovation: In 2023, the whole country currently has about 20 local innovation support centers and centers belonging to central agencies and organizations; More than 1,400 organizations have the capacity to support startups. According to the announcement of the World Intellectual Property Organization (WIPO), Vietnam’s GII index in 2023 ranked 46/132 countries and economies worldwide, up 2 places compared to 2022.

– Regarding digital transformation: In 2023, the electronic civil status database will have over 45 million birth registration data. The national database of cadres, civil servants and public employees has been connected and synchronized with 100% of ministries, branches and localities.

– Regarding online public services: On the national public service portal, as of December 22, 2023, the number of administrative procedures provided online public services is 4,549 procedures; 2,604 public services for citizens, 2,414 public services for businesses; The number of records whose processing status is synchronized to the National Public Service portal is 273.9 million records; The number of online records processed through the National Public Service portal is 33 million.

5. Service activities

Total retail sales of consumer goods and services in December was estimated at 565.8 trillion VND, up 2.6% over the previous month and up 9.3% over the same period last year. In the fourth quarter of 2023, total retail sales of goods and consumer service revenue are estimated to reach 1,662.7 trillion VND, up 7.2% over the previous quarter and up 9.3% over the same period last year. In 2023, the retail sales of consumer goods and services at current prices was estimated at 6,231.8 trillion VND, up 9.6% compared to the previous year (up 20% in 2022), if excluding the price factor, up 7.1% (in 2022 increased by 15.8%).

Passenger transport in the fourth quarter of 2023 was estimated at 1.272,7 million passengers, increased by 10.1% over the same period last year, and passenger traffic reached 64.8 billion passengers-kilometers, increased by 17.9%. In 2023, passenger carried estimated at 4,679.3 million passengers, up 12.3% over last year and passenger traffic reached 246.8 billion passengers.km, an increase of 24.2% due to the number of international visitors to Viet Nam increased again.

Freight transport in the fourth quarter of 2023 was estimated at 656.1 million tons, up 17% over the same period last year, and freight traffic reached 131.8 billion tons-kilometers, up 7.9%. In 2023 freight transport was estimated at 2.344,3 million tons of freight carried, up 15.4% over the previous year (increased by 25.1% in 2022) and 489.7 billion tons.km of freight traffic, an increase of 10.8% (in 2022, an increase of 29.6%)

Telecommunications revenue in the fourth quarter of 2023 was estimated at 84.8 trillion VND, up 1.5% over the last year (if excluding the price factor, it increased by 1.1%). In 2023, telecommunications revenue was estimated at 338.5 trillion VND, up 2.3% over the last year (if excluding the price factor, it increased by 0.2%).

International visitors to Viet Nam in December reached nearly 1.4 million arrivals, up 11.2 % compared to the previous month and increased by 93.9% than the same period last year. The number of Vietnamese people leaving the country reached 352.1 thousand people, increased by 23.2% than the same period last year. Generally, in 2023, international visitors to Viet Nam were estimated at 12.6 millions arrivals, 3.4 times higher than 2022, exceeding the target of 8 million international visitors in 2023 but only equaling 70% of 2019 – the year before the Covid-19 epidemic occurred; The number of Vietnamese people leaving the country reached 5 million, twice as many as last year.

6. Banking, insurance, stock market activities

– As of December 21, 2023, the total liquidity increased by 10.03% compared to the end of 2022; capital mobilization from credit institutions increased by 10.85%; the economy’s credit growth reached 11.09%.

– Total insurance premium revenue in the fourth quarter of 2023 was estimated to decrease by 11.9% compared to the same period last year; in general, in 2023, premium revenue from the entire insurance market was estimated to reach 227.1 trillion VND, down 8.33% compared to the previous year.

– As of December 15, 2023, the average transaction value on the stock market reached 17,624 billion VND/session, down 12.6% compared to the average in 2022; the average transaction value in the bond market reached 6,114 billion VND/session, down 20.4%; the average trading volume of futures contract products on the VN30 index reached 237,702 contracts/session, down 13% compared to the average in 2022; Covered warrant products reached 32.23 million warrants/session, down 0.6% and transaction value reached 28.67 billion VND/session, up 35.2%.

7. Development Investment

Realized social investment capital in the first quarter of 2023 at current prices is estimated at 1,164.1 trillion VND, up 7.1 % over the same period last year. It is estimated that in 2023 , the realized investment capital of the whole society at current prices is estimated to reach 3,423.5 trillion VND, an increase of 6.2 % over the previous year

Total foreign investment capital registered in Vietnam^[9] as of December 20, 2023, including: Newly registered capital, adjusted registered capital and value of capital contributions and share purchases by foreign investors reached nearly 36.6 billion USD, an increase of 32.1%. Foreign direct investment capital realized in Vietnam in 2023 is estimated to reach 23.18 billion USD, an increase of 3.5% over the previous year . This is the highest amount of realized foreign direct investment in the past 5 years.

Vietnam’s investment abroad in 2023 had 124 projects newly granted investment certificates with a total Vietnamese capital of 282.7 million USD, down 33.7% compared to the previous year ; There were 25 projects with capital adjusted with the adjusted capital increasing by 138.2 million USD, 1.3 times higher. In general, Vietnam’s total investment capital abroad (new and adjusted capital) reached 420.9 million USD, down 21.2% compared to the previous year.

8. State budget revenue and expenditure

Total State budget revenue in December 2023 was estimated to reach 159.6 trillion VND. Cumulative total State budget revenue in 2023 was estimated to reach 1,717.8 trillion VND, equal to 106% of the year’s estimate and down 5.4% compared to the previous year.

Total State budget expenditure in December 2023 was estimated to reach nearly 229 trillion VND; accumulated in 2023 was estimated to reach 1,731.9 trillion VND, equal to 83.4% of the year’s estimate and an increase of 10.9% compared to the previous year.

9. Export and import of goods and services^[10]

a) Export and import of goods^[11]

– Export of goods: Export turnover of goods in December 2023 was estimated at 32.91 billion USD, up 5.7% over the previous month and up 13.1% compared to the same period last year. In the forth quarter of 2023, export turnover was estimated at 96.5 billion USD, up 8.8% over the same period last year and up 3.2% compared to the third quarter of 2023. Generally in 2023, the export turnover was estimated at 355.5 billion USD, decreased by 4.4% over last year.

+ Regarding the structure of exported groups in 2023, the group of processing industry was estimated at 313.73 billion USD, accounting for 88.3%.

 – Import of goods: Import turnover in December 2023 was estimated at 30.63 billion USD, increased by 3.6% over the previous month and increased by 12.3% compared to the same period last year. In the forth quarter of 2023, import turnover was estimated at 90.2 billion USD, up 8% over the same period last year and up 6.3% compared to the third quarter of 2023. Generally in 2023, the import turnover was estimated at 327.5 billion USD, decreased by 8.9% over last year.

+ Regarding the structure of imported groups in 2023, the group of production materials was estimated at 307.32 billion USD, accounted for 93.8%.

– Regarding the export and import market of goods in 2023, the United States was Viet Nam’s largest export market with a turnover of 96.8 billion USD. China remained the largest import market of Viet Nam with a turnover of 111.6 billion USD.

– The trade balance of goods in December was estimated to have a trade surplus of 2.28 billion USD. Generally in 2023, the trade balance of goods was estimated to have a trade surplus of 28 billion USD (last year, the trade surplus of 12.1 billion USD).

b) Export and import of services

In the forth quarter of 2023, export turnover of services reached 5.4 billion USD, increased by 15.2% over the same period in previous year and up 6.5% over previous quarter; import turnover of services reached 8.1 billion USD, went up by 20.4% over the same period in previous year and up 3.4% over previous quarter.

Generally in 2023, export turnover of services was estimated at 19.59 billion USD, went up by 44.9% over last year 2022, of which travel service gained 9.2 billion USD (accounting for 46.7% of the total turnover), 2.9 times higher than last year; transportation service reached 5.5 billion USD (accounting for 28.1%), decreased by 1.8%.

Import turnover of service in this year was estimated at 29.06 billion USD (of which transportation and insurance service fees for imported goods are 10.38 billion USD), up 5.9% over last year, of which transportation service gained  12.6 billion USD (accounting for 43.3% of the total turnover), decreased by 0.4%; travel service reached 7.8 billion USD (accounting for 26.9%), increased by 17.3%.

The trade deficit of services in 2023 was 9.47 billion USD.

10. Consumer price index, gold price index and US dollar price index

– Consumer price index (CPI) in December 2023 increased by 0.12% compared to the previous month. Compared to the same period last year, December CPI increased by 3.58%. Average CPI in the fourth quarter of 2023 increased by 3.54% compared to the fourth quarter of 2022. For the whole year 2023, CPI increased by 3.25% compared to the previous year, reaching the target set by the National Assembly.

– Gold price index in December 2023 increased by 3.98% compared to the previous month; increased 13.13% over the same period last year; The average increase in 2023 is 4.16%.

– US dollar price index in December 2023 decreased by 0.56% compared to the previous month; increased 1.04% over the same period last year; The average increase in 2023 is 1.86%.

11. Some social situations

a) Population, labor and employment

The country’s average population in 2023 is estimated to be 100.3 million people, an increase of 834.8 thousand people, equivalent to an increase of 0.84% ​​compared to 2022. Population quality has improved, fertility has decreased sharply and the The village has maintained replacement fertility levels since 2005. The death rate remains low, average life expectancy increases due to the achievements of medical development and improved health care.

The labor and employment situation in the fourth quarter of 2023 showed many signs of improvement compared to the previous quarter and the same period last year.

The country’s labor force aged 15 and older in the fourth quarter of 2023 is estimated to be 52.5 million people, an increase of 113.5 thousand people over the previous quarter and an increase of 401.9 thousand people over the same period last year. Overall, in 2023, the labor force aged 15 and over will be 52.4 million people, an increase of 666.5 thousand people compared to the previous year.

Employed persons in the fourth quarter of 2023 are estimated to be 51.5 million people, an increase of 130.4 thousand people compared to the previous quarter and an increase of 414.6 thousand people over the same period last year. Overall, in 2023, there will be 51.3 million employed persons, an increase of 683 thousand people (equivalent to an increase of 1.35%) compared to the previous year.

          The unemployment rate among the working age in the fourth quarter of 2023 is 2.26%, down 0.04 percentage points compared to the previous quarter and down 0.06 percentage points over the same period last year. The unemployment rate among the working age in 2023 is 2.28%, down 0.06 percentage points compared to the previous year, of which 2.73% in urban areas; rural areas is 2.00%.

       The underemployment rate among the working age population in the fourth quarter of 2023 is 1.98%, down 0.08 percentage points compared to the previous quarter and unchanged compared to the same period last year. Overall in 2023, the underemployment rate among the working age population is 2.01%, down 0.20 percentage points compared to the previous year.

          The average income of employees in the fourth quarter of 2023 is 7.3 million VND/month, an increase of 180 thousand VND compared to the third quarter of 2023 and an increase of 444 thousand VND compared to the same period in 2022. Overall in 2023, the average income of employees is 7.1 million VND/month, an increase of 6.9%, equivalent to an increase of 459 thousand VND compared to the previous year.

b) Residential life and social security assurance

The lives of households have improved. Social security work is carried out promptly and practically by all levels from central to local levels. According to a report from the Ministry of Labor, War Invalids and Social Affairs, as of December 19, 2023, the total value of money and gifts to support beneficiaries is more than 12.3 trillion VND. In addition, as of December 22, 2023, the Government exported a total of 21.6 thousand tons of rice to support 1.4 million people. Of which: Supporting 16.9 thousand tons of rice to support 1.1 million people during the Lunar New Year; 4.6 thousand tons of rice supported 309.8 thousand people suffering from food shortages.

c) Cultural and sports activities

In 2023, cultural activities will take place enthusiastically across the country, creating an effect, spreading and connecting solidarity between people across the country and spreading the image of the good qualities of the value system. cultural and family values ​​about Vietnamese people with international friends.

Mass physical training and sports activities in the past year continued to be promoted and improved in quality in association with the campaign “All people exercise according to the example of the great Uncle Ho” and high sports achievements were achieved. remarkable results.

d) Traffic accident

This year, there were 14,059 traffic accidents nationwide, including 9,904 less serious traffic accidents and 4,155 traffic collisions. On average, one day in 2023, there will be 38 traffic accidents nationwide, including 27 traffic accidents of less serious severity and 11 traffic collisions, killing 20 people and 16 others. injured and 13 people suffered minor injuries.

đ) Damage caused by natural disasters

In 2023, natural disasters left 158 ​​people dead and missing; 130 people were injured; 108.1 thousand hectares of rice and 43.4 thousand hectares of crops were damaged; 98.3 thousand cattle and poultry died; 30.4 thousand houses collapsed, swept away and were damaged. The total value of property damage caused by natural disasters in 2023 is estimated at nearly 5,101.5 billion VND, down 64.3% compared to the previous year.

In general, in the context of unpredictable and unfavorable fluctuations in the world economic and political situation, but with the participation of the entire political system, timely, drastic, and close direction and management Thanks to the support of the Government, the Prime Minister and the efforts of all levels, sectors, localities, the business community and the people of the country, the economy achieved a growth rate of 5.05%, although it did not reach the target. The 6.5% target set out in the 2023 Socio-Economic Development Plan and Resolution 01/NQ-CP of the Government is a positive result and belongs to the group of countries with the highest growth rates in the region and the region. world. Besides, statistical indicators show that the domestic macro economy continues to be stable, inflation is controlled at an appropriate level; Supply and demand of essential goods are guaranteed, purchasing activities and domestic consumption maintain a good increase. The agriculture, forestry, and fishery sector continues to be a solid pillar of the economy with stable growth, affirming that the sector’s structural transformation has been effective, ensuring the supply of food, food, and goods. domestic essential goods and increase exports. Public investment has been promoted in terms of implemented capital, the disbursement rate has increased at a high rate, and social security has been paid attention to promptly and effectively./.

[1] GDP growth rates in the fourth quarter of 2011-2023 compared to the same period last year were: 7.05%; 5.99%; 6.38%; 7.29%; 7.38%; 7.49%; 8.18%; 7.78%; 7.52%; 4.7%; 5.22%; 5.96%; 6.72% respectively.

^[2] GDP growth rate for the years 2011-2023 were: 6.41%; 5.5%; 5.55%; 6.42%; 6.99%; 6.69%; 6.94%; 7.47%; 7.36%; 2.87%; 2.55%; 8.12%; 5.05% respectively.

[3] The growth rate of added value in the industry sector in the years 2011-2023 compared to the previous year were: 9.13%; 7.92%; 4.99%; 6.1%; 8.87%; 7.36%; 8.19%; 8.99%; 8.14%; 3.77%; 4.06%; 7.79%; 3.02%, respectively.

[4] The growth rate of added value in the processing and manufacturing industry in the years 2011-2023 compared to the previous year were: 12.59%; 8.38%; 6.5%; 6.5%; 9.19%; 11.14%; 12.13%; 11.48%; 9.59%; 4.99%; 5.37%; 8.19%; 3.62%, respectively.

[5] The growth rate of added value in the service sector in the years 2011-2023 compared to the previous year were: 7.65%; 7.03%; 6.82%; 7.31%; 7.05%; 7.46%; 7.12%; 7.46%; 8.08%; 2.01%; 1.75%; 10.11%; 6.82%, respectively.

[6] Average central exchange rate in 2023 of the State Bank of Vietnam: 1 USD = 23,784.2 VND.

[7] Labor productivity in 2022 at current prices reached 188.7 million VND/ employee, an increase of 4.8% compared to the previous year.

[8] Source: National Enterprise Registration Information System, Business Registration Management Agency, Ministry of Planning and Investment on 25^th December 2023.

[10] The value of export turnover is calculated at F.O.B price and import turnover is calculated at C.I.F price (including transportation and insurance costs of imported goods). When calculating the economy’s trade balance, import and export turnover is calculated according to the F.O.B price.

[11] Estimated total export and import value in December 2023 provided by the General Department of Customs on December 26, 2023. The General Statistics Office estimated the import and export value of key commodities in December 2023 based on preliminary data provided by the General Department of Customs by December 25, 2023.