Southeast Asian export hubs greatly affected by slowdown in overseas demand。

Vietnam's gross domestic product (GDP) grew by 5% in 2023, according to data released by Vietnam's General Statistics Bureau on December 29..05%, lower than the country's past 10 years 5.87% average annual growth rate, and failed to reach the government set of 6.5% official growth target。Among them, the growth of agriculture, forestry and fisheries 3.83%, contribution 8.84%; industry and construction growth 3.74%, contributing 28.87%; services growth 6.82%, contribution 62.29%。

This data is in stark contrast to 2022.。That year, as the Vietnamese government lifted all epidemic blockade measures, exports and domestic retail sales gradually picked up, achieving 8.02% economic growth, the fastest in 25 years。

Vietnam has been one of the fastest growing economies in Southeast Asia, but the pace of growth has slowed this year due to weak global demand, and the International Monetary Fund (IMF) forecasts Vietnam's GDP growth rate of 4% in 2023..7%。

Vietnam's annual exports down 4 percent from 2022, data shows.4 per cent, down to $355.5 billion, with shipments of coffee, the main export, down 9 per cent from the previous year..6% to 1.6 million tons; shipments of smartphones, the country's largest foreign exchange earner, also fell 8% year-on-year..3%; full-year retail sales rose 9.6%, foreign tourists surged to 12.6 million from 3.6 million in 2022, but the total number of inbound tourists was still lower than the 18 million before the outbreak in 2019;.5%。

Vietnam's Bureau of Statistics (GSO) released a statement saying: "Although this year's economic growth is lower than the government's set of 6.5 per cent target, but the overall outlook remains positive and is expected to rank among the fastest growing economies in the region and the world.。"

In the fourth quarter, Vietnam's economy grew 6.72%, following 5 in the third quarter.47%, 2nd Quarter 4.After 25% growth, the growth rate has accelerated。

However, after the Vietnamese government's widespread crackdown on corruption, many bureaucrats began to be afraid of making mistakes in various areas, such as licensing, thus dragging down economic activity.。The arrest of a number of bank and real estate executives has also further weakened the country's business confidence.。

In addition to the impact of the economic downturn in neighboring China, Vietnam has been dealing with problems such as falling factory orders, massive layoffs, power outages and a sluggish stock market.。

Some analysts say this year's economic expansion is optimistic amid various uncertainties。Dinh Quang Hinh, analyst at VNDIRECT Securities, said: "The Vietnamese economy still maintains a satisfactory growth rate compared to regional and world benchmarks.。"

Dinh also pointed to a number of challenges, such as falling export orders, continued difficulties in the corporate bond and real estate markets, and the risk of rising bad debts dusting the banking sector.。"These factors have undoubtedly adversely affected Vietnam's growth prospects in 2023," he added.。

Hanoi economist Le Dang Doanh says 2023 will be tough for Vietnam。He said: "The increase in the number of bankrupt enterprises has caused massive unemployment nationwide, affecting the purchasing power of low- and middle-income groups.。"

However, the Vietnamese government remains optimistic.。Nguyen Thi Huong, director of the Vietnam Statistics Bureau, said: "In 2023, Vietnam's economy and society continued to recover, the macro economy remained stable, inflation was suppressed, major economic indicators were guaranteed, and continued to be an economic bright spot in the region and the world.。"