Macro Update - Rising external and domestic headwinds

Vietnam’s growth hit a more-than-10-year high of 8.0% in 2022 while inflation remained under control at 3.2% (avg.) Despite increasing challenges both domestically and globally, Vietnam’s GDP growth increased 8.0% in 2022 — the highest annual growth rate in the 2011-2022 period. This was attributed to a strong rebound following the full reopening of the country and 2021’s low base. Inflation remained under control with average CPI at 3.2% — well below the Government’s target cap of “around 4.0%” thanks to the Government’s effective price management.

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