(Photo: Chinhphu.vn)

Vietnam’s growth was driven mainly by services and industrial production, according to the General Statistics Office (GSO), and is a bright spot in a global economy still facing challenges. It was higher than forecasts by many international organizations and higher than the GDP growth of Indonesia, Malaysia, the Philippines, Singapore, or Thailand. In a report released in January, HSBC referred to Vietnam as the "growth star" of Southeast Asia.

The service sector was last year’s primary growth driver, contributing more than 49% to the overall GDP growth. The industrial and construction sector contributed more than 45% and the agro-forestry-fishery sector contributed 5.3%.

Vietnam achieved all 15 growth targets set by the National Assembly. Hanoi and Ho Chi Minh City surpassed 20 billion USD in budget revenues for the first time.

The macroeconomy was stable, inflation was controlled, and the key balances of the economy were maintained, the GSO said.