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Tuesday, July 23, 2024

Vietnam’s 2020 GDP growth among world’s highest

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HCMC – Vietnam is projected to obtain an estimated gross domestic product (GDP) growth rate of 2.91% for 2020, the lowest in the 2011-2020 period but among the world’s highest, according to the General Statistics Office.

At a press briefing held on December 27 to announce the country’s socioeconomic performance in the last quarter of 2020 and the entire year, Nguyen Thi Huong, head of the office, said that with the Covid-19 pandemic taken into account, the GDP growth rate of 2.91% was considered a big success for Vietnam, the local media reported.

The result proved the Government’s accurate directions and policies helped the economy recover and prevent and control the pandemic as well as the efforts and determination of the people and enterprises.

In the last quarter, the country recorded GDP growth of 4.48%, also the lowest for the fourth quarter since 2011.

In addition, the country has stabilized the macroeconomy and kept inflation under control. The agro-forestry-fishery sector, despite being affected by climate change, drought, salinity intrusion and Covid-19, has promptly worked out response plans to ensure sufficient food supply.

The manufacturing and processing sector continued to play an important role in the country’s economic development in 2020 despite modest growth.

The country has earned US$281.5 billion from exports and spent US$262.4 billion on imports, up 6.5% and 3.6%, respectively, year-on-year. As a result, the country’s trade surplus reached an estimated US$19.1 billion, the highest since 2016.

Meanwhile, the consumer price index increased 3.23% over 2019.

In 2020, the country had 134,900 newly-established enterprises with total registered capital of more than VND2.2 quadrillion, down 2.3% in the number of firms but up 29.2% in registered capital.

Additionally, 44,100 firms resumed their operations and nearly 37,700 others suspended their operations.

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