HANOI, Dec 29 Reuters Vietnam39;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 antigraft crackdown.

This year39;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 the data released by the government39;s General Statistics Office GSO.

Vietnam is a regional manufacturing hub, which relies heavily on trade, but 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.

Industrial production index in 2023 rose 1.5 from last year, while average consumer prices in the year rose 3.25, according to the GSO. Retail sales were up 9.6.

Though this year39;s growth is below a government target of 6.5, it is still a positive result, putting Vietnam in the group of the fastest growing economies in the region and in the world, the GSO said.

Imports in 2023 fell 8.9 to 327.5 billion, resulting in a trade surplus of 28 billion for the year, according to the report. A large trade surplus is supportive for the dong currency, but a sharp fall in imports could indicate a slowdown in manufacturing activities in the months ahead.

The country39;s central bank, in an effort to boost economic growth, has this year cut its policy rates four…