The International Monetary Fund has revised upward its forecast for Vietnam’s 2020 GDP growth by 0.8 percentage points to 2.4 percent. Despite being modest, these rates are encouraging considering that Vietnam is one of few countries that achieved positive growth during the pandemic. timeoutvietnam.vn This feature is limited to our corporate solutions. The GDP growth was 8.4% in 2005, the second-largest in Asia, trailing only China's. Viet Nam's GDP is expected to grow by 1.8% in 2020 and 6.3% in 2021 – ADO 2020 Update Viet Nam's inflation rates forecasted at 3.3% in 2020 and 3.5% in 2021 – ADO 2020 Update GDP growth A paid subscription is required for full access. New, Figures and insights about the advertising and media world, Industry Outlook With positive results in 2019, Việt Nam’s economy is expected to maintain good growth in 2020. GDP Growth and GDP per capita Growth of Vietnam. Statista. The rate is already the highest the IMF has predicted for any Southeast Asian country this year, with the COVID-19 pandemic wreaking economic havoc around the world and threatening to drive the global economy … Available to download in PNG, PDF, XLS format, Access to this and all other statistics on 80,000 topics from, COVID-19 deaths worldwide as of April 8, 2021, by country, COVID-19 cases worldwide as of April 8, 2021, by country, Coronavirus (COVID-19) new cases in Poland 2020-2021, by region, Number of coronavirus (COVID-19) cases in Europe 2021, by country. Profit from additional features by authenticating your Admin account. Vietnam economy is expected to grow by 2.7% in 2020, according to IMF. ★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional. However, amid the Covid-19 outbreak, which has negatively affected all socio-economic fields, this is a great success of Vietnam. The International Monetary Fund pointed out that Vietnam’s GDP exceeded $340 billion, placing among the 40 largest economies in the world. Vietnams growth is projected to moderate to 6.6 percent in 2019, driven by credit tightening, slower private consumption and weaker external demand. PM Phuc also said that although GDP growth is meaningful for the country, it does not fully reflect the face of the economy such as the contribution of the government and local authorities. It is necessary to map out a specific itinerary to adapt to the new normal,” said Phan Ngoc Tho, Chairman of Thua Thien-Hue People’s Committee. HANOI, Sept 4 (Reuters) - Vietnam is targeting a gross domestic product growth of 2.0%-2.5% this year and 6.7% next year, the government said on Friday. Vietnam's gross domestic product expanded by 0.36 percent year-on-year in the second quarter of 2020, following a 3.83 percent growth in the previous period, the preliminary estimate showed. With a GDP growth of 2.8 percent, Vietnam will be among the fastest-growing economies in a Covid-19-ravaged world this year, the World Bank says. According to the Minister of Planning and Investment, the government targeted a GDP growth of around 8.5% in 2007. Licence No. Key View. Over the medium term, growth is projected to stay around 6.5 percent, as the impact of current cyclical uptick dissipates. GDP growth (annual %) - Vietnam. Address: 47 Quan Thanh St, Ba Dinh Distr, Hanoi, Vietnam - Tel: (024) 3845 0537, Photo by VnExpress/Quynh Tran. Nguyen Quoc Viet This was the slowest GDP growth rate since the series began in 2000, hampered by the coronavirus pandemic and weaker global demand. 2021 is forecast to be a tough year and the premier reminded that economic recovery and developing production and pandemic prevention should remain the leading mission. Vietnam had an average GDP growth of 7.1% a year from 2000 to 2004. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Please create an employee account to be able to mark statistics as favorites. Please do not hesitate to contact me. 2.7% real GDP growth for Vietnam is … 87/GP-BTTTT Generally, in 2020, Vietnam's GDP grew by 2.91%. After a long period of seeing expansion below 7 per cent, Việt Nam’s GDP grew 7.02 per cent in 2019, higher than the target set by the National Assembly and the second year economic growth has surpassed 7 per cent. Vietnam Economy 2020 – the bright spot in the middle of the pandemic In the midst of the Covid-19 epidemic, the global economy in […] “In 2020 alone, with the pandemic overruning many countries, the Vietnamese economy still maintained positive growth.”. Workers produce masks at a garment factory in the southern province of Long An in February 2020. Then you will be able to mark statistics as favourites and use personal statistics alerts. New, Everything you need to know about the industry development, Find studies from all around the internet. Projections by IMF. facts. Ngoc Thuy. Poverty is expected to decline further, as labor market conditions remain favorable. You can only download this statistic as a Premium user. SLOOINP; ISSN No. Vietnam records an economic growth of 2.91% - an impressive achievement amid gloomy global forecasts. The prime minister said that economic growth no longer depended on any single economic sector. January 6, 2021. Subscribe now and receive the latest news and updates! Are you interested in testing our corporate solutions? and over 1 Mio. In the most optimistic scenario, annual growth will be 4.2%. IMF includes the 2021 forecast as well but given the uncertainty around COVID 19, I choose not to include the numbers here. However, a 5.4% growth rate would still help Vietnam ensure its average GDP growth during the 2016 – 2020 period at 6.5%, Dung added. tinnhanhchungkhoan.vn |  We at Fitch Solutions maintain our 2020 real GDP growth forecast for Vietnam at 6.8%. Estimates by world bank since 1961. Vietnam is estimated to gain a GDP growth of 3.82% in the first quarter of this year, the lowest in the 2011-2020 period, the country's General Statistics Office announced last Friday. Contrary to the world’s gloomy economic picture, our country’s economy continued to achieve positive growth when GDP in 9 months of 2020 increased by 2.12%, of which the first quarter went up by 3.68%; the second quarter increased by 0.39% and the third quarter rose by 2.62%. Advertisement |  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 … Then you can access your favorite statistics via the star in the header. Managing Editor: Nguyen Chi Mai, Vietnam Investment Review under the Ministry of Planning and Investment Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook Learn more about how Statista can support your business. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. Real GDP growth eased to 7.0% y-o-y in Q419, from an upwardly revised 7.5% y-o-y in Q319, due mainly to an easing of growth in the industrial sector. Meanwhile, the World Bank listed Vietnam in the top 10 highest growing countries. This statistic is not included in your account. GDP Annual Growth Rate in Vietnam averaged 6.38 percent from 2000 until 2020, reaching an all time high of 8.48 percent in the fourth quarter of 2007 and a record low of 0.36 percent in the second quarter of 2020. You need at least a Single Account to use this feature. The government estimated that GDP grew in 2006 by 8.17%. Le Trong Minh As a Premium user you get access to background information and details about the release of this statistic. You need a Single Account for unlimited access. Vietnam gdp growth rate for 2017 was 6.81%, a 0.6% increase from 2016. Therefore, it is necessary to develop new standards for growth such as jobs and income. "Growth of The Gross Domestic Product (Gdp) in Vietnam in 2020, by Quarter . This is the lowest growth in the period 2011-2020. Deputy Editors-in-Chief: Vietnam, however, remains the only country among major economies in ASEAN – 5 (Thailand, Malaysia, Indonesia, the Philippines, and Vietnam) expected to deliver positive growth this year. Bui Duc Hai, Nguyen Van Hong and GDP growth accelerated to 4.5% year-on-year in the final quarter of 2020, from 2.7% in the third quarter. Vietnam gdp growth rate for 2018 was 7.08%, a 0.26% increase from 2017. Inflationary pressures are projected to remain moderate, due to subdued global demand conditions and moderate global energy and food prices. The GDP growth rate started to recover in the next quarters, resulting in an overall GDP growth rate of 2.91 percent in 2020. Vietnam’s consumer price index is set at 3.2%, lower than the estimation of 4% this year. Notably, this organization forecasted Vietnam's economic growth to be negative in the worst scenario. Chart. Notably, the IMF predicted the Philippines to have the biggest GDP decline this year among its regional peers, with a contraction of 8.3%, compared to a 3.6% decline projected in June. Vietnam Investment Review. "Growth of the gross domestic product (GDP) in Vietnam in 2020, by quarter ." Accessed April 11, 2021. https://www.statista.com/statistics/1195301/vietnam-gdp-growth-rate-by-quarter/, Vietnam Investment Review. With this, the country has surpassed the regional powerhouses of Singapore and Malaysia. Data from IMF here and here. baodautu.vn |  You only have access to basic statistics. In, Vietnam Investment Review. Growth of the gross domestic product (GDP) in Vietnam in 2020, by quarter [Graph]. In the second scenario, if the pandemicis prolonged and only completely controlled in the second half of the third quarter of 2020, the annual GDP growth will be 1.5%. Q4's reading marked the strongest growth since Q4 2019 as the economy seemingly continued to emerge from the inhibiting shackles of the Covid-19 pandemic. The 2020 forecast is likely to be revised down in the subsequent Consensus Forecast in light of the Q1 GDP figures. March 27, 2020, 2:28 AM EDT Economy expanded 3.82% from year ago, statistics office says Economists surveyed forecast first-quarter GDP growth of 5.1% Register in seconds and access exclusive features. Through its wide network of free trade agreements, Vietnam has been constantly expanding foreign trade activities to many new markets while also focusing on the domestic market. Vietnam’s GDP growth in 2020 must reach 5 per cent, higher than the 2.7 per cent the International Monetary Fund (IMF) has forecast, Prime Minister Nguyen Xuan Phuc has said. International reg: Registered as a newspaper at the Post Office, London, Serial No. However, despite this decrease, Vietnams is one of the few economies in the world that is not facing a contraction this year. Nevertheless, this placed total GDP growth for 2020 at 2.9%, the lowest outturn in at least two decades and far below World Bank national accounts data, and OECD National Accounts data files. The International Monetary Fund (IMF) maintains its forecast for Vietnam’s GDP growth at 2.7% in 2020, the highest in Asia, and the pace is expected to speed up to 7% in 2021. Update, Insights into the world's most important technology markets, Advertising & Media Outlook Data released by the General Statistics Office (GSO) estimated a 1.81 percent growth to Vietnam’s GDP in the first half of 2020. Vietnam gdp growth rate for 2019 was 7.02%, a 0.06% decline from 2018. Vietnam is likely the top-performing Asian economy in 2020 — a feat that was achieved without a single quarter of economic contraction. The economy could be subject to a strong rebound of 7% GDP growth rate in 2021. “Vietnam has generated more than $1.2 trillion in GDP within the recent five years,” said Prime Minister Nguyen Xuan Phuc while chairing the government meeting with local authorities on December 28 and 29. Contact us, Editor-in-Chief: The International Monetary Fund (IMF) has revised down its forecast for Vietnam’s GDP growth to 1.6% in 2020 from a previous estimate of 2.7% in June. 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. According to the International Monetary Fund (IMF), the World Bank (WB) and many world economic organizations, Vietnam’s GDP in 2020 is expected to have the highest growth rate in the world. 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