Vietnam’s GDP growth hit 2.58% in 2021, despite the impact of the pandemic, under the 2.91% figure from 2020, according to the General Statistics Office.

The agriculture, forestry and fishery sector rose by 2.9% compared to the same time the year before, whilst industry and construction rose 4.05% and the services sector edged up 1.22%. Each sector contributed 13.97%, 63.8% and 22.23% to Vietnam’s overall growth, the Statistics Office added.

In Q4 2021, Vietnam’s economy grew 5.22% year on year, a strong rally from the 6.17% contraction in Q3.

The World Bank reduced Vietnam’s economic growth forecast for this year to 2-2.5% in a report published in October, compared to August’s forecast of 4.8% growth, with strict social distancing regulations and shutdowns being the principal factors.

As per recent forecasts, Vietnam is aiming for GDP growth of between 6% and 6.5% this year, whilst effectively tackling the Covid crisis. In addition, the General Statistics Office added that the country attracted foreign investment of US$31.15 billion in 2021, a 9.2% increase on year. Indeed, 1,738 new foreign direct investment (FDI) projects were licensed in Vietnam, with total registered capital of US$15.25 billion, a 31.1% drop in quantity, but a 4.1% rise in capital year on year.

Moreover, a total of 985 operational FDI projects raised capital by US$9.01 billion in the country last year, a 40.5% rise on year.

Throughout 2021, disbursed FDI capital amounted to US$19.74 billion, a 1.2% drop on year, said the Statistics Office, which added that 72.5% went to the processing and manufacturing sector.