Vietnam GDP growth 2023 to reach 6.3%

Richard Burrage
Jan 11, 2023

Vietnam’s economy surpassed expectations in 2022

Vietnam GDP growth 2023

Vietnam GDP growth 2023 is expected to reach 6.3%.   The Vietnamese economy grew by 8% in 2022, attracting a healthy trade surplus, a continued rise in foreign direct investment disbursements and 1,700,000 new jobs.   The consumer price index grew 4.4% in the fourth quarter of 2022 over the prior year, bringing annual inflation to 3.15%.  Retail sales of goods and services grew 19.8% and long surpassed pre-Covid 2019 levels.  Whist domestic consumer demand is strong there are risks and business confidence (in contrast to consumer confidence) has dampened. Despite this Cimigo expects Vietnam GDP growth 2023 to reach 6.3%.

Vietnam manufacturers are experiencing the impact of slowing export markets

S&P PMI business expectations Vietnam December 2022

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index™ (PMI®)  business expectations outlook,  dropped to a 14-month low in November and confidence in the year-ahead outlook for production remained relatively muted in December.

Vietnam’s business confidence fell in October 2022

Business confidence in CEO Pulse faltered in October 2022. As of December 2022, 56% of CEOs expect business conditions to worsen in the coming year.

CEO Pulse Vietnam business confidence December 2022

Economic headwinds dampen business confidence in Vietnam

Economic headwinds dampen business confidence owing to concerns over 1) rising consumer domestic consumer prices, 2) lower growth in key export markets impacting manufacturing output and 3) woes in the property sector and the related financing therein.

CEO Pulse Vietnam 2023 Risks

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Vietnam CEO's business outlook CEO Pulse is sourced from a market research survey amongst 50 CEOs in Vietnam. Cimigo in collaboration with the Vietnam Business Executive Network conducts a regular CEO Pulse market research survey amongst CEOs of businesses in Vietnam.

The results herein are drawn from surveys conducted in 2022. CEO Pulse results help CEOs monitor the pulse of business in Vietnam. The results provide invaluable perspectives of CEO peers and provide insights on business planning and assist in managing the expectations of stakeholders.  Should you wish to join with your CEO peers, drop an email to ask@cimigo.com.

Vietnam GDP growth 2023 to reach 6.3%

Jan 11, 2023

Vietnam’s economy surpassed expectations in 2022 Vietnam GDP growth 2023 is expected to

Vietnam PMI January 2023 – manufacturing purchasing managers index

Feb 02, 2023

The decline in new orders softens as exports return to growth Output and new orders fall again,

Tet 2023 Vietnamese consumer optimism

Dec 07, 2022

Tet 2023 Vietnamese consumer optimism Tet 2023 Vietnamese consumer optimism is high. Tet is the