A 7.3 percent GDP growth rate was predicted for Vietnam this year. The Gross Domestic Product (GDP) in Vietnam was worth 261.92 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Find Out, Online tool for visualization and analysis. The GDP value of Vietnam represents 0.22 percent of the world economy. In 2019, Vietnam’s gross domestic product (GDP) amounted to around 329.54 billion U.S. dollars, and is expected to increase to almost 530.28 billion international dollars by 2025. Five charts tell the story: 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 10-year high of 7.1 percent in 2018. Vietnam’s growth would be among the highest in the world, thanks to its successful containment of the Covid-19 pandemic, Era Dabla Norris, mission chief to Vietnam and division chief in the IMF’s Asia and Pacific department, said at the end of her team’s virtual mission to Vietnam from October 15 to November 13. Prior to that, Fitch Ratings predicted that the GDP growth rate would be 7.5 percent this year despite the third Covid resurgence. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Read more. Vietnam from The World Bank: Data. In 2020, due to the impacts of the Covid-19 pandemic, business and production activities were severely impacted, resulting in a ICOR index of 14.28, averaging 7.04 in 2016-20. The productivity is estimated at VND117.9 million per worker or US$5,081, up US$290 against last year. HANOI -- Vietnam looks to propose a five-year economic plan targeting growth of 6.5% to 7% for 2021-25, aiming to boost per-capita GDP to $4,700 from this year's estimate of $2,750. Vietnam export and import have been rising quickly over the past 10 years. Vietnam: Industrial output shrinks for first time in 10 months in February. ICOR explains the relationship between the level of investment made in the economy and the consequent increase in GDP. Specifically, GDP in the fourth quarter increased by 4.48% year-on-year, the highest quarterly growth in the year, followed by the third quarter growth at 2.69%, second quarter at 0.39% and the first quarter at 3.68%.In 2020, the sector of agriculture, forestry and fishery has expanded by 2.68%, contributing 13.5% to the overall growth; the sector of industry and construction enlarged by 3.98%, contributing 53%; and the service sector climbed by 2.34%, contributing 33.5%. 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 … This site uses cookies to optimize functionality and give you the best possible experience. Export has risen by more … If this occurs, the growth rate would be much higher than the 2.91 percent in 2020. Vietnam economic growth for 2017 was $223.78B, a 9.01% increase from 2016. Data. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). GDP growth (annual %) - Vietnam. GDP growth clocked in at 4.5% year-on-year in the first quarter of 2021, matching the growth rate from Q4 2020. Vietnam’s economy shows positive signs Data released by the General Statistics Office (GSO) estimated a 1.81 percent growth to Vietnam’s GDP in the first half of 2020. source: World Bank 10Y 25Y The Asian Development Bank has forecast Vietnam’s GDP growth at 6.7% in 2021 - PHOTO: VNA HCMC - The Asian Development Bank (ADB) has forecast that Vietnam’s gross domestic product (GDP) growth would rebound to 6.7% in 2021 from 2.9% in 2020, or 0.7 percentage points higher than the target set by the National Assembly. Vietnam’s economic growth accelerated in the fourth quarter as exports and manufacturing extended their recovery from the pandemic slump earlier this year. 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. Vietnam economic growth for 2016 was $205.28B, a 6.23% increase from 2015. Vietnams economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. Vietnam’s GDP in 2020 grows at an impressive pace of 2.91%, the lowest in a decade but among the world’s highest, the General Statistics Office (GSO) has announced. 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. 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 … According to the Minister of Planning and Investment, the government targeted a GDP growth of around 8.5% in 2007. March 1, 2021. The higher the ICOR, the lower the productivity of capital or the marginal efficiency of capital. Vietnam economic growth for 2019 was $261.92B, a 6.81% increase from 2018. Vietnam: Economy records solid growth in Q1. The economy expanded 2.91% this year after having posted gross domestic product growth above 7% for two consecutive years, the General Statistics Office (GSO) said in a statement. Vietnam’s gross domestic product (GDP) increased 7.02 percent in 2019, marking the second straight year the economic growth rate topping 7 percent since 2011, according to the General Statistics Office (GSO). World Bank national accounts data, and OECD National Accounts data files. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). About the structure of the economy in 2020, the sector of agriculture, forestry and fishery made up 14.85%; the sector of industry and construction accounted for 33.72%; the service sector represented 41.63%; and product taxes less subsidies on production accounted for 9.8%. The extreme poverty rate is estimated to have declined to below 3 percent. Despite being modest, these rates are encouraging considering that Vietnam is one of few countries that achieved positive growth during the pandemic. Vietnam's gross domestic product expanded by 0.36 percent year-on-year in the second quarter of 2020, following a 3.83 percent growth in the previous period, the preliminary estimate showed. Vietnam records an economic growth of 2.91% - an impressive achievement amid gloomy global forecasts. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Vietnam's GDP growth could reach 6.76 per cent in 2021-2023 If breakthroughs in institutional reform succeed, along with proper fiscal and monetary easing measures carried out at the right time, annual GDP growth reach 6.76 per cent in 2021-2023. GDP (current US$) - Vietnam from The World Bank: Data. “Economic recovery will not be a … March 29, 2021. According to the ADO report, the economy is expected to grow by 6.7% in 2021 and 7.0% in 2022 – strong and steady growth made possible by Vietnam’s success in containing the COVID-19 pandemic. GDP Growth Rate in 2017 was 6.81%, representing a change of 11,179,225,876 US$ over 2016, when Real GDP was $164,104,855,205. The government estimated that GDP grew in 2006 by 8.17%. Find Out . ... GDP growth (annual %) GDP (constant 2010 US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) The driving forces of the economy in 2020 continues to be the manufacturing and processing with an increase of 5.82%, or 1.25% percentage points to the economy; while electricity production and distribution with a growth rate of 3.92%; water provision and waste water treatment with 5.51%. Following 6.8 percent growth in 2017, preliminary data indicate that GDP growth Vietnam’s economic growth will be boosted by export-oriented manufacturing, increased investment, and expanding trade. GDP Growth rate(%) 2020: 1.600: 2021: 6.700: 2022: 7.440: 2023: 7.240: 2024: 6.931: 2025: 6.630 Vietnam records an economic growth of 2.91% - an impressive achievement amid gloomy global forecasts. Despite the disastrous impact of pandemic, Vietnam registered about 3% real growth of GDP. Vietnam had an average GDP growth of 7.1% a year from 2000 to 2004. Vietnam’s GDP in 2020 grows at an impressive pace of 2.91%, the lowest in a decade but among the world’s highest, the General Statistics Office (GSO) has announced. This achievement was a real miracle for a country which has far less resources than China. World Bank national accounts data, and OECD National Accounts data files. Access the latest politics analysis and economic growth summary through 2011 for Vietnam from The Economist Intelligence Unit Vietnam Economy, Politics and GDP Growth Summary - … 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. 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 … GDP per Capita in Vietnam (or Viet Nam) (with a population of 94,600,648 people) was $1,853 in 2017, an increase of $100 from $1,753 in 2016; this represents a change of 5.7% in GDP … Vietnam gdp growth rate for 2019 was 7.02%, a 0.06% decline from 2018. Global Economic Prospects examines trends for the world economy and how they affect developing countries. Crucially, it was not only higher than China’s which was around 2.3% but the highest growth rate in Asia in 2020. 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This was the slowest GDP growth rate since the series began in 2000, hampered by the coronavirus pandemic and weaker global demand. © Copyright 2004; Hanoitimes - Economic and Urban Newspaper; The tribune of Hanoi People’s Committee, Vietnam GDP set to rebound to 6.8% in 2021: WB, ADB revises up Vietnam GDP growth forecast to 2.3% in 2020, Vietnam GDP to record highest growth in Asia – Pacific at 10.9% in 2021: S&P, FPT tech group acquires major stake in Hanoi-based startup, Vietnam enterprises step up efforts to protect brands abroad, Vietnam is largest gold consuming market in SEA, Industrial production rises at fastest pace since late 2018, Vietnamese leading businesses to have initiatives for boosting digital economy, European businesses’ confidence on Vietnam outlook reaches highest since Covid-19 emergence, US contributes to private sector-led energy transition in Vietnam, Vietnam forecast to be fastest-growing economy in SEA in 2021: ADB, Symbiotic environment - a need to promote win-win formula, Vietnam's ST25 - the world's best rice - at risk of losing its brand name. The incremental capital-output ratio (ICOR) showed signs of improvements, going down from 6.42 in 2016 to 6.07 in 2019, averaging 6.13 in the 2016 – 2019 period and lower than 6.25 in 2011 – 2015. Annual GDP Growth (%) Vietnam. As of the last quarter of 2020, the gross domestic product (GDP) in Vietnam grew by approximately 3.68 percent compared to the previous quarter. Vietnam economic growth for 2018 was $245.21B, a 9.58% increase from 2017. The GDP growth was 8.4% in 2005, the second-largest in Asia, trailing only China's. Vietnam is likely the top-performing Asian economy in 2020 — a feat that was achieved without a single quarter of economic contraction. 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