Vietnam's GDP in 2020 is among the highest growth groups in the world

According to the report of Vietnam's socio-economic data in 2020 of the General Statistics Office, Vietnam's GDP increased by 2,91%. This is the lowest increase in the period 2011-2020 but belongs to the group highest growth in the world.

Vietnam's GDP growth rate in 2020 is among the highest in the world

According to the results of the General Statistics Office on the afternoon of December 27, Vietnam's GDP in 12 increased by 2020%, of which the first quarter increased by 2,91%, the second quarter increased by 3,68%, the third quarter increased by 0,39, 2,69%, the fourth quarter increased 4,48%.

General Director of the General Statistics Office, Ms. Nguyen Thi Huong added, although this is the lowest increase of the years in the period 2011-2020, in the context of the Covid-19 epidemic, it negatively affects all economic sectors. - Socially, this is a great success of Vietnam. Vietnam's growth rate in 2020 is among the highest in the world. 

Thanks to the tight control of the Covid-19 epidemic, the economy gradually resumed operation under new normal conditions, the Free Trade Agreement between Vietnam and the EU took effect on August 1.8.2020. .4 created the driving force for the economy, so GDP in the fourth quarter of 2020 grew prosperously compared to the third quarter of 3.

Let's take a look at Vietnam's GDP growth rate in the period 2011 - 2020 through the statistical chart below:

Source: General Statistics Office of Vietnam

Regarding the growth and contribution of economic sectors in 2020

  • The agriculture, forestry and fishery sector increased by 2,68%, contributing 13,5% to the growth rate of the total added value of the whole economy.
  • Industry and construction sector increased by 3,98%, contributing 53%
  • Service sector increased by 2,34%, contributed 33,5%

Quality of economic growth

  • Labor productivity of the whole economy at current prices in 2020 is estimated at 117,9 million VND / employee (equivalent to 5.081 USD / employee, an increase of 290 USD compared to 2019).
  • Labor productivity increased by 5,4% due to increasing qualifications of workers (the rate of trained workers with degrees and certificates in 2020 will reach 24,1%, higher than 22,8%. of 2019)

Regarding the use of GDP in 2020

  • Final consumption increased by 1,06% compared to 2019
  • Asset accumulation increased 4,12%
  • Export of goods and services increased 4,97%
  • Goods and services import increased by 3,33%

Import and export is the "bright spot", record growth

Total import and export turnover was estimated at 543,9 billion USD, up 5,1% over the previous year, of which export turnover reached 281,5 billion USD, up 6,5%; commodity import reached 262,4 billion USD, up 3,6%. Commodity trade balance estimated trade surplus was 19,1 billion USD, the highest level in 5 consecutive years of trade surplus since 2016.

According to the statistics agency, the consumer price index (CPI) in December rose 12% from the previous month. On average, in 0,1, the consumer price index increased by 2020% compared to 3,23. Generally in the fourth quarter, CPI increased by 2019% over the previous quarter and by 0,22% compared to the fourth quarter of 1,38.

Core inflation in December increased by 12% over the previous month and by 0,07% over the same period last year. Average core inflation in 0,99 will increase by 2020% compared to that in 2,31.

The whole country had 134.900 newly registered enterprises with a total registered capital of 2,236 million billion VND, down 2,3% in the number of businesses and 29,2% in the registered capital. Besides, there are also 44.100 enterprises returning to operation and nearly 37.700 businesses stop working waiting for dissolution procedures.

The whole country currently has 53,4 million employed workers over 15 years old, including 17,5 million people working in agriculture, forestry and fisheries, down 7,2% from the previous year; 16,5 million people in industry and construction, up 0,3%; 19,4 million people in service sector, up 0,1%. The national unemployment rate will be 2020% by 2,26, of which the urban unemployment rate will be 3,61%; in rural areas it is 1,59%.