According to the 2020 Vietnam socio-economic report by the General Statistics Office, Vietnam's GDP increased by 2,91%. This is the lowest growth rate in the 2011-2020 period, but it is still among the highest in the region. the highest growth rate in the world.
According to the report released by the General Statistics Office on the afternoon of December 27th, Vietnam's GDP in 2020 increased by 2,91%, with Q1 growth at 3,68%, Q2 at 0,39%, Q3 at 2,69%, and Q4 at 4,48%.
According to Ms. Nguyen Thi Huong, Director General of the General Statistics Office, although this is the lowest growth rate in the period 2011-2020, in the context of the Covid-19 pandemic negatively impacting all economic and social sectors, this is a great success for Vietnam. Vietnam's growth rate in 2020 is among the highest in the world.
This success is due to the strict control of the Covid-19 pandemic, the gradual return of the economy to normal conditions, and the Vietnam-EU Free Trade Agreement, which came into effect on August 1, 2020, creating momentum for the economy, resulting in a positive GDP growth in the fourth quarter of 2020 compared to the third quarter of 2020.
Let's look back at Vietnam's GDP growth from 2011 to 2020 through the statistical chart below:
Regarding the growth and contribution of economic sectors in 2020
- The agriculture, forestry, and fisheries sector grew by 2,68%, contributing 13,5% to the overall growth rate of the economy's total added value.
- The industrial and construction sector grew by 3,98%, contributing 53%.
- The service sector grew by 2,34%, contributing 33,5%.
Regarding the quality of economic growth
- Labor productivity for the entire economy at current prices in 2020 is estimated at VND 117,9 million per worker (equivalent to USD 5.081 per worker, an increase of USD 290 compared to 2019).
- Labor productivity increased by 5,4% due to the improving skill level of workers (the percentage of trained workers with degrees and certificates reached 24,1% in 2020, higher than the 22,8% in 2019).
Regarding the use of GDP in 2020
- Final consumption increased by 1,06% compared to 2019.
- Accumulated assets increased by 4,12%.
- Exports of goods and services increased by 4,97%.
- Imports of goods and services increased by 3,33%.
Total merchandise import and export turnover is estimated at US$543,9 billion, an increase of 5,1% compared to the previous year, of which merchandise exports reached US$281,5 billion, an increase of 6,5%; and merchandise imports reached US$262,4 billion, an increase of 3,6%. The estimated merchandise trade balance is... trade surplus of $19,1 billion, the highest level in five consecutive years of trade surplus since 2016.
According to the statistics agency, the consumer price index (CPI) in December increased by 0,1% compared to the previous month. On average for 2020, the CPI increased by 3,23% compared to 2019. For the fourth quarter as a whole, the CPI increased by 0,22% compared to the previous quarter and by 1,38% compared to the fourth quarter of 2019.
Core inflation in December increased by 0,07% compared to the previous month and by 0,99% compared to the same period last year. Average core inflation for 2020 increased by 2,31% compared to the average for 2019.
Across the country, 134.900 new businesses were registered with a total registered capital of 2,236 trillion VND, a decrease of 2,3% in the number of businesses but an increase of 29,2% in registered capital. In addition, 44.100 businesses resumed operations and nearly 37.700 businesses ceased operations pending dissolution procedures.
Currently, the country has 53,4 million employed people over 15 years old, including 17,5 million working in agriculture, forestry, and fisheries, a decrease of 7,2% compared to the previous year; 16,5 million in industry and construction, an increase of 0,3%; and 19,4 million in the service sector, an increase of 0,1%. The overall unemployment rate nationwide in 2020 was 2,26%, with the urban unemployment rate at 3,61% and the rural unemployment rate at 1,59%.
