According to the Minister of Planning and Investment, the government targeted a GDP growth of around 8.5% in 2007. Vietnam and China are the only two economies in East Asia and Pacific experiencing a V-shaped rebound where output has already surpassed pre-pandemic levels. Forecasting an impressive 8.1% GDP in 2021, the highest since 1997. Vietnam from The World Bank: Data. Data released by the General Statistics Office (GSO) estimated a 1.81 percent growth to Vietnam’s GDP in the first half of 2020. Data are in current U.S. dollars. Vietnam had an average GDP growth of 7.1% a year from 2000 to 2004. Vietnam GDP growth forecast to expand at 5.8% in 2021: VEPR. Please check your download folder. As of the last quarter of 2020, the gross domestic product (GDP) in Vietnam grew by approximately 3.68 percent compared to … Extensive market reforms since the dawn of the doi moi era in 1986, and strict commitment to macroeconomic stability more recently, have laid the ground work for rapid, inclusive growth that averaged 6.6 percent per annum during 2014–18 and reached a … Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). The first quarter this year, however, was quite different from the situation one year ago. While Vietnam’s GDP growth fell to a 10-year low of 2.12 percent in the first nine months, there were also some positives such as the trade surplus hitting a four-year high of $17 billion. The top priority at this time is ensuring social security, keeping the macroeconomic environment stable, and supporting businesses that are still in operation. Published by Statista Research Department , Jan 14, 2021. The extension of Nguyen Phu Trong's tenure as general secretary following the ruling party's national congress will ensure policy continuity, and major political reform will not occur in the forecast period. And COVID-19 hit it hard—first through supply disruptions, when China went into lockdown, and then by plummeting demand as key export markets stalled. “Only China and Vietnam are experiencing a V-shaped rebound where output has already surpassed pre-pandemic levels,” stated the World Bank (WB) in its latest economic update for East Asia and the Pacific (EAP) released today [March 26]. Despite being modest, these rates are encouraging considering that Vietnam is one of few countries that achieved positive growth during the pandemic. This site uses cookies to optimize functionality and give you the best possible experience. GDP Growth and GDP per capita Growth of Vietnam. The government estimated that GDP grew in 2006 by 8.17%. Government estimates showed the Vietnamese economy growing 2.9% last year from a year ago, better than China's forecast-beating 2.3% growth during the same period. As plenty of economies are hit hard by COVID-19, Vietnam has come out on top with the GDP growth rate of nearly 3 per cent, listed among the top 10 economies with the highest growth. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Such growth would put Vietnam as the second fastest growing economy among five major economies of ASEAN (Indonesia, Thailand, Vietnam, the Philippines and Malaysia) along with Malaysia, and behind the Philippines at 6.9%, revealed the report. Hanoi, March 29 Vietnam's gross domestic product (GDP) grew by 4.48 per cent in the first quarter of 2021 compared with the same period last year, according to a government report released on Monday. Manufacturing has been a crucial sector for Vietnam’s growth, leading Vietnam to achieve one of the highest trade-over-GDP ratios in Southeast Asia (Exhibit 2). While GDP growth in 2020 was 2.92 per cent, the lowest level since Vietnam embraced international economic integration, the GDP growth in this first quarter was higher. Despite the challenges of the COVID-19 pandemic, Vietnam’s economy has remained resilient, expanding by 2.9 percent in 2020—one of the highest growth rates in the world—and growth is projected to be 6.5 percent in 2021, thanks to strong economic fundamentals, decisive containment measures and well-targeted government support, according to the IMF’s latest annual assessment of the country’s … 17:33| 29/12/2020. Vietnam's Q1 economic growth reaches 4.5%. The World Bank noted that between 1990 (USD 6.472 billion) and 2016 (USD 205.276 billion), Vietnam’s GDP grew by a whopping 3,303% making it the second-fastest growth rate worldwide, only surpassed by China. In brief. World Bank national accounts data, and OECD National Accounts data files. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. The National Assembly also approved a 6% growth target for 2021—a goal our panelists judge to be easily achievable. Data compiled by CNBC from official sources, including from the Vietnamese government’s estimates and institutions like the International Monetary Fund, showed that Vietnam was likely the top-performing Asian economy in 2020. Visit Vietnam Insider’s homepage for more stories. Bao Dau Tu. Experts have been optimistic about Vietnam’s economic growth in 2021. Economic and political reforms under Đổi Mới, launched in 1986, have spurred rapid economic growth and development and transformed Vietnam from one of the worlds poorest nations to a lower middle-income country. The economy will grow by 5.3% in real terms in 2021—a slower pace relative to recent years, amid a gradual recovery from the coronavirus pandemic. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Please check your download folder. Although economic growth in this first quarter was slower than the scenario set out in Resolution No. Global Economic Prospects examines trends for the world economy and how they affect developing countries. Vietnam’s GDP growth is better than China’s forecast – beating 2.3 percent growth during the same period. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. If you continue to navigate this website beyond this page, cookies will be placed on your browser. 01/NQ-CP dated January 01, 2021, Pham The Anh, chief economist from the Vietnam Institute for Economic and Policy Research under Hanoi National University’s University of Economics and Business, shares why this growth was truly encouraging. Projections by IMF. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. To learn more about cookies, click here. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. GDP growth in 2021 of the SouthEat Asian country is set to rebound to 6.6%, higher than the government’s target of 6.5%. But given that Vietnam is one of the few countries in the world currently experiencing positive GDP growth, the supposed trade-off between the economy … Vietnam’s economy shows positive signs. Vietnam’s real gross domestic product (GDP) has been experiencing positive growth for the past five years since 2015, and is projected to continue to do so through 2025. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. The GDP growth was 8.4% in 2005, the second-largest in Asia, trailing only China's. For October to December, the economy grew 4.48% from a year earlier, the slowest rate for a fourth quarter since at least 2011, the statistics office said. 2020 is a tough year for Vietnam, yet the economy has reaped remarkable achievements. Since the 1986 economic reforms launched at the Communist Party of Vietnam’s 6 th National Congress, Vietnam has experienced incredible economic growth. GDP growth (annual %) - Vietnam. Vietnam Economic Growth - Historical Data; Year GDP Per Capita Growth Rate; 2019: … TweetPrintEmail. If COVID-19 is contained soon, Vietnam's GDP may grow 3.5-4% this year: economist. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Estimates by world bank since 1961. Vietnam’s GDP growth in 2021 is set to rebound to 6.6%, higher than the government’s target of 6.5%. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. Vietnam is at a crossroad in its development and requires investment in its transportation network to sustain and expand its growth, the article said. Annual GDP Growth (%) Vietnam. Find Out, Online tool for visualization and analysis. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. World Bank national accounts data, and OECD National Accounts data files. Vietnam gdp growth rate for 2019 was 7.02%, a 0.06% decline from 2018. Vietnam Economic Growth Growth should jump next year, supported by a likely strengthening of the external sector, and Vietnam should continue outperforming its regional peers. IMF has forecast Vietnam’s GDP growth at 6.5% this year - PHOTO: VNA HCMC – Vietnam is expected to make a robust recovery in 2021 with its economic growth projected to strengthen to 6.5%, higher than the world’s average of 6%, said the International Monetary Fund in the World Economic Outlook report released on April 7. Vietnam's GDP growth rate reaches nearly 3 per cent in 2020. “Economic recovery will not be a … Exports grew 4.2 percent year-on-year to nearly $203 billion, with those of Vietnamese-owned businesses rising 20 percent to nearly $72 billion. Gross domestic product can still notch the 6.5% growth the government expects this year, according to Le Trung Hieu, head of the General Statistics Office’s GDP department. Truong Van Phuoc, a respected economist, is optimistic about Vietnam’s growth, though some analysts warned about a negative growth rate after the new Covid-19 outbreak was discovered in Da Nang. Vietnam gdp growth rate for 2018 was 7.08%, a 0.26% increase from 2017. Over the past 30 years, Vietnam has had a remarkable development record. Vietnam recorded decade-low GDP growth of 1.8% in the first half of this year, and expansion is forecast at just 2% to 2.5% for 2020 overall. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Tin Nhanh Chung Khoan. Expecting a 2.7% GDP growth rate for 2020.
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