Vietnam economy grows by 2.91% in 2020 despite COVID-19 impact: GSO
Achieving an economic growth rate of 2.91% in 2020, Vietnam's GDP is of the highest in the world. (Photo: Ministry of Industry and Trade) |
“It is the lowest growth rate in the 2011-2020 period……but this is a great success of Vietnam in the context of the complicated developments of COVID-19, which has negatively affected all socio-economic fields,” stressed Nguyen Thi Huong, GSO director.
According to the GSO, Vietnam’s growth rate in 2020 is of the highest in the world, which testifies to the absolute determination of the entire political system, the Government, the Prime Minister, as well as all-out efforts by the people and the business community to effectively realize the dual goal of epidemic prevention and economic recovery.
For other economic indicators, Vietnam has enjoyed a record trade surplus of US$19.1 billion this year, the highest figure since 2016. Overall, the total trade revenue hit US$543 billion, up 5.1% from the previous year. Of the total, exports brought back US$281.5 billion, up 6.5%, while imports were valued at US$262.4 billion, up 3.6%.
The country has also succeeded in keeping inflation in check, increasing 3.23% compared to 2019, a figure which is lower than the 4% estimate.
The Government has set a target of securing a GDP growth rate of approximately 6% in 2021. It is a challenging task for Vietnam, according to the GSO, as the Vietnamese economy’s openness is comparatively big, making it vulnerable to any market fluctuations, alongside drastic changes in the regional and global geopolitical landscape.
In addition, the COVID-19 pandemic is not over yet, which is expected to exert further negative impact on all economies, including Vietnam.
Related News
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Elevating the core values of the national brand
14:47 | 27/04/2024 Headlines
Take advantage of e-commerce leverage for export
13:25 | 20/04/2024 Import-Export
Implementing unprecedented fiscal policies to actively support people and businesses
16:25 | 17/04/2024 Finance
Latest News
Exports, FDI remain Vietnam’s bright spots: HSBC
17:16 | 02/05/2024 Headlines
Growth engines rev up in first four months
17:12 | 02/05/2024 Headlines
Vietnam fulfills Chairmanship of Asia Pacific Group at UN for April
19:38 | 01/05/2024 Headlines
Startups gradually mature in international markets
08:22 | 01/05/2024 Headlines
More News
Việt Nam to promote local tourism
13:37 | 30/04/2024 Headlines
April 30 Victory – Glorious milestone in national history
13:34 | 30/04/2024 Headlines
Vietnam secures remarkable economic successes since national reunification
13:31 | 30/04/2024 Headlines
Precious significance of Điện Biên Phủ Victory
16:44 | 29/04/2024 Headlines
Tourism sector surges with over six million visitors in four months
16:40 | 29/04/2024 Headlines
Removing the yellow card, seafood businesses commit to "say no to IUU"
07:51 | 29/04/2024 Headlines
Vietnam ranks third in Southeast Asia in startup investment attraction
14:57 | 28/04/2024 Headlines
All-out efforts needed to get IUU yellow card removed: Minister
14:55 | 28/04/2024 Headlines
Vietnam expected to become e-commerce powerhouse in Southeast Asia
19:49 | 27/04/2024 Headlines
Your care
Exports, FDI remain Vietnam’s bright spots: HSBC
17:16 | 02/05/2024 Headlines
Growth engines rev up in first four months
17:12 | 02/05/2024 Headlines
Vietnam fulfills Chairmanship of Asia Pacific Group at UN for April
19:38 | 01/05/2024 Headlines
Startups gradually mature in international markets
08:22 | 01/05/2024 Headlines
Việt Nam to promote local tourism
13:37 | 30/04/2024 Headlines