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Vietnam’s GDP growth among the highest in the world

Monday 28, 12 2020
According to the General Statistics Office, Vietnam's GDP growth in 2020 is 2.91%.
Vietnam’s GDP growth among the highest in the world

GDP growth reaching 2.91%

Ms. Nguyen Thi Huong, General Director of the General Statistics Office, said that the gross domestic product (GDP) in the fourth quarter of 2020 was estimated to increase by 4.48% over the same period last year, which is the lowest increase in the fourth quarter in the period 2011-2020.

Generally, in 2020, Vietnam's GDP grew by 2.91%. This is the lowest growth in the period 2011-2020. However, amid the Covid-19 outbreak, which has negatively affected all socio-economic fields, this is a great success of Vietnam.

According to the leader of the General Statistics Office, Vietnam's GDP growth rate in 2020 is among the highest in the world. This shows the efforts of the entire political system, the people and business community in controlling and overcoming the epidemic.

Analysis of this statistics agency shows that Vietnam’s macroeconomy has been stable, and inflation has been controlled at a low level. Domestic supply and demand were guaranteed, and people's purchase and consumption increased again in the last months of the year. Although the agriculture, forestry and fishery sectors were negatively affected by climate change, drought, saltwater intrusion and epidemics, there were timely responses, which are the support for the economy in difficult times, ensuring food supply. Processing and manufacturing industries, although not growing, continued to play an important role in economic growth in 2020.
GDP growth reaching 2.91%
Total import and export turnover has set a new record, and trade surplus has reached the largest value ever. Public investment disbursement has been improved remarkedly as the rate of realized investment capital from the State budget has reached the highest level since 2011.

"Life standard of the people is increasing day by day; life expectancy has expanded; and the mortality rate remains at a low level. There have been signs of improvement in employment prospect." - stated clearly by the General Statistics Office.

In 2020, the total import-export turnover was estimated at 543.9 billion USD, which is an increase of 5.1% over the previous year, according to the General Statistics Office. In particular, the export turnover was 281.5 billion USD (increasing by 6.5%) while import turnover reached 262.4 billion USD (increasing by 3.6%).

There was a trade surplus of 19.1 billion USD, which is the highest level in 5 consecutive years since 2016.
December’s consumer price index (CPI) rose by 0.1% from the previous month. On average, in 2020, the consumer price index increased by 3.23% compared to 2019. Generally, in the fourth quarter, CPI increased by 0.22% over the previous quarter and by 1.38% compared to the fourth quarter of 2019.
Core inflation in December increased by 0.07% over the previous month and by 0.99% over the same period last year. Average core inflation in 2020 increased by 2.31% compared to that in 2019.

There were 134,900 newly established enterprises with a total registered capital of 2,236 million VND, a decrease of 2.3% in the number of enterprises and an increase of 29.2% in the registered capital. Besides, there were 44,100 enterprises returning to operation and nearly 37,700 businesses about to dissolve.

Major socio-economic indicators for 2020

– Gross domestic product (GDP): + 2,91%
– Index of industrial production (IIP): + 3,4%
– Number of newly established enterprises: 134.940 enterprises
– Total retail sales of consumer goods and services: + 2,6%
– Realized social investment capital: + 5,7%
– Total export turnover: + 6,5%
– Total import turnover: + 3,6%
– Trade surplus: 19,1 billion USD
– Foreign visitors: -78,7%
– Average consumer price index: + 3,23%
– Core inflation: + 2,31%

Major socio-economic indicators for 2020
Source: nld
Vietnam Economy

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