Vietnam listed among group of countries with high economic growth rates

Market news site Yahoo!finance recently published an article stating that Vietnam, China, and several Asian nations feature among the 20 countries with the fastest economic growth in the world over the past decade.

The data is based on information compiled by the International Monetary Fund (IMF).

Analysts looked at real Gross Domestic Product growth, with Real GDP being a measure of inflation-adjusted gross domestic product that reflects the value of all goods and services generated by an economy in a given year, based on data for the 2012 to 2022 period to calculate average growth over the past 10 years.

According to the information, with an average real GDP growth rate of 6.1% over the past decade, the nation belongs to the group of countries with high economic growth rates. Indeed, the country’s agricultural sector is an important pillar of the economy, both contributing to GDP and creating jobs.

Vietnamese agro- forestry- fishery export turnover reached US$53.22 billion for the first time in 2022, an increase of 9.3% compared to 2021.

Thanks to this strong growth, the entire agricultural sector’s trade surplus hit US$8.5 billion, duly accounting for more than 75% of the total trade surplus of the national economy.

In the group of exported agro- forestry- fishery products, a total of seven items reached a turnover of more than US$3 billion; eight products or product groups achieved export turnover of more than US$2 billion, including coffee, rubber, rice, vegetables, cashew nuts, shrimp, pangasius, and wood products.

Regarding rice alone, the nation exported nearly 7.3 million tons with a total value of US$3.54 billion in 2022, marking an increase of nearly 7% compared to 2021.

This was the highest rice export turnover ever recorded due to rising prices. In line with this, the average export rice price stood at US$485 per tons, the highest in the world.

The article cited Vietnamese data showing that the United States remains the largest market importing agro-forestry- fishery products from the country with a turnover of US$13.3 billion, equivalent to 25% of the market share; followed by China with more than US$10 billion, equal to 18.9% of the market share, Japan with US$4.2 billion, 7.9% of the market share, and the Republic of Korea with US$2.5 billion, 4.7% of the market share.

At the continental level, Asia accounts for 44.7% of the market share, the Americas 27.4%, Europe 11.3%, Oceania 1.7%, and Africa 1.7%.

Moreover, the article details that top five countries in the list of 20 economies with the fastest growth rates over the 10-year period, with Guyana of South America first with an average GDP increase of nearly 15%.

Ranked second is Ireland in Europe with more than 9%, trailed by Ethiopia in Africa with 8.43%, Tajikistan of Central Asia with more than 7%, and the Ivory Coast of West Africa with more than 6.8%.

Source: VOV