By Khanh Vu

December 29, 20237:59 AM GMT Updated 7 days ago

HANOI, Dec 29 (Reuters) – Vietnam’s economic growth slowed to 5.05% this year from an expansion of 8.02% last year, official data showed on Friday, weighed by weak global demand while public investment stalled amid an intensified anti-graft crackdown.

This year’s gross domestic product (GDP) growth was below a government target of 6.5% and lower than average growth of 5.87% during the previous decade, according to data released by the government’s General Statistics Office (GSO).

Vietnam is a regional manufacturing hub that relies heavily on trade. Exports in 2023 fell 4.4% from last year to $355.5 billion, with shipments of smartphones, its largest foreign currency earner, dropping 8.3%, the GSO said in its report.

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