Vietnam achieves remarkable economic growth over the past decade

Vietnam, along with China and several other Asian nations, has secured a position among the top 20 countries experiencing substantial economic growth in the past decade, according to Yahoo Finance as reported by Vietnam News Agency (VNA).

Also Read: RBI’s restriction on payment aggregators Cashfree and Razorpay has finally been revoked

Referencing data from the International Monetary Fund (IMF), Yahoo Finance examined the real GDP growth rates for all countries over the past ten years. Vietnam stands out with an impressive average real GDP growth rate of 6.1% from 2012 to 2022, showcasing its robust economic performance. The agricultural sector has played a pivotal role in supporting Vietnam's economy, contributing significantly to GDP and employment.

Vietnam's agro-forestry-fishery exports achieved a milestone by reaching US$53.22 billion in 2022, marking a 9.3% increase from the previous year. This success resulted in the agricultural sector contributing a trade surplus of US$8.5 billion, constituting over 75% of the nation's total trade surplus.

The article highlighted Vietnam's statistical data, emphasizing that the United States remains the largest market for Vietnamese agro-forestry-fishery products, accounting for 25% of total exports with an import turnover of $13.3 billion. Following the U.S., China recorded over $10 billion (18.9%), Japan with $4.2 billion (7.9%), and the Republic of Korea with $2.5 billion (4.7%).

In terms of continents, Asia played a dominant role, constituting 44.7% of exports, followed by the Americas at 27.4%, Europe at 11.3%, Oceania at 1.7%, and Africa at 1.7%.

The article concluded by highlighting the top five countries with the highest economic growth rates over the past decade: Guyana (South America) at nearly 15%, Ireland (Europe) at over 9%, Ethiopia (Africa) at 8.43%, Tajikistan (Central Asia) at over 7%, and Cote d'Ivoire (West Africa) at over 6.8%.

Also Read: Union Minister Kiren Rijiju Launches First Indian Winter Arctic Expedition

OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.