By Nguyen Dieu Tu Uyen, Nguyen Kieu Giang, and Nguyen Xuan Quynh

December 29, 2021

  •  Inflation quickens 1.81% in December from a year earlier
  •  Country’s exports up 24.8% in December from a year ago

Vietnam’s economic growth accelerated in the fourth quarter as manufacturing revived and exports extended their recovery from the pandemic slump earlier this year.

Gross domestic product rose 5.22% in the fourth quarter compared to a year earlier, up from a revised -6.02% in the third quarter, the General Statistics Office said Wednesday in Hanoi. That compared to the median estimate of 3.7% for the fourth quarter in a Bloomberg survey of 21 economists. 

The economy expanded 2.58% for the full year, compared to the median estimate of 2.2% in the Bloomberg survey and just above the government’s forecast of 2.5%. The Asian Development Bank earlier this month revised its 2021 growth forecast for Vietnam to 2%, down from 3.8% previously.

Vietnam's growth revives from the pandemic slump

Other details Wednesday from the statistics office include:

  • Exports rose 24.8% in December from a year earlier, while imports climbed 14.6%. For the full year, exports increased 19% and imports gained 26.5%
  • The trade surplus in December was at $2.5 billion. The country recorded a full-year trade surplus of $4 billion
  • Manufacturing rose 10.9% in December from a year earlier.
  • Consumer prices rose 1.81% in December from a year earlier. The government aims to cap average inflation at 4% this year and next
  • Pledged foreign direct investment for 2021 was up 9.2% year-on-year, while disbursed FDI dropped 1.2%.