GDP growth ebbed to 5.0% in 2012 (Figure 3.31.1), the slowest in 13 years,
as fiscal and monetary tightening in 2011 continued to have an impact
into last year. While the policies took a toll on growt...
h, they achieved
sharp reductions in inflation and a more stable exchange rate, and
they contributed to a record current account surplus and to rebuilding
All sectors—agriculture, industry, and services—recorded slower
growth in 2012 than in 2011. Manufacturing decelerated to 4.5%, reflecting
weak domestic demand, high inventories, and reduced bank lending.
Construction grew by a modest 2.1% after contracting in 2011 when the
government squeezed credit and cut public investment. Services expanded
by 6.4% to make the biggest sector contribution to GDP growth last year.
Tourism-related services benefited from 9.5% growth in visitor arrivals,
though this was a slowdown from 2011. Agriculture grew by just 2.7%.
General Statistics Office of Viet Nam
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