Vietnam’s GDP Up 2.12% in Nine Months

9:50:07 AM | 30/9/2020

Vietnam's Gross Domestic Product (GDP) rose 2.12% in the first nine months of this year over the same period last year, according to a report released by the Ministry of Planning and Investment on September 29.

 

Although it is the lowest growth rate for this nine-month period in 2011-2020, in the context of a COVID-19 epidemic that has seriously affected socio-economic aspects in almost all nations, the growth rate is considered Vietnam's success in terms of its effective control of the epidemic, as well as its economic recovery and development.

In terms of the general growth of the economy, the agro-forestry and fishery sector increased by 1.84%, contributing 13.62% to the general uptrend.

The industry and construction sector increased 3.08% and contributed 58.35% while the service sector increased by 1.37%, contributing 28.03%.

Regarding the economic structure in the first nine months of 2020, the agro-forestry and fishery sector accounted for 14.05%; industry and construction accounted for 33.16%; the service sector accounted for 42.73%; product tax minus subsidies accounted for 10.06%.

In the first nine months of 2020, final consumption increased by 0.86% over the same period in 2019; asset accumulation picked up by 3.39%. The export of goods and services rose 0.9%; while the importing of goods and services decreased by 1.25%.

According to Nguyen Thi Huong, Director General of the General Statistics Office of Vietnam, GDP in the third quarter of 2020 was estimated to have increased by 2.62% over the same period last year, the lowest increase in the third quarter of any year during the 2011-2020 period.

As the COVID-19 epidemic was gradually and effectively controlled, the economy returned to normal operations in the “new normal”, GDP in the third quarter of 2020 had a relatively prosperous growth compared to the second quarter of 2020; of which, the agro-forestry and fishery sector increased by 2.93%; industry and construction by 2.95%; service sector by 2.75%; product tax minus subsidies by 0.70%.

In the third quarter of this year, final consumption surged by 1.19% over the same period last year and asset accumulation picked up 5.79%. Exporting goods and services rose 2.86%; while importing goods and services rose 1.88%.

Source: NDO