Vietnam succeeds in economic recovery, GDP increases by 2.12%
Unlock growth drivers for economic recovery | |
AIPA-41 underlines role of parliaments in post-pandemic economic recovery | |
PM requests effective solutions for economic recovery in coming years |
A press conference to announce socio-economic statistics in September and the first nine months of 2020. |
According to Nguyen Thi Huong, Director General of the General Statistics Office, Vietnam’s socio-economic situation in the first nine months of 2020 took place in the context of of the Covid-19 pandemic which has seriously affected all socio-economic activities.
Domestically, the Covid-19 pandemic had complex and unpredictable developments, slowing growth in almost all sectors and fields.
Facing this situation, the Government and Prime Minister give timely instructions to ministries, sectors and localities to implement measures to suppress the pandemic, ensure people's health, prevent economic decline,maintain social stability and make best efforts to achieve socio-economic development goals and tasks in 2020.
She said GDP in the third quarter of 2020 was estimated at a year-on-year increase of 2.62%, the lowest rate of the third quarter of years in 2011-2020.
"The Covid-19 pandemic was strictly contained and the economy has gradually re-operated in new normal conditions, so the GDP in the third quarter of 2020 grew prosperously compared to the second quarter of 2020, of which agriculture, forestry and fishery sector grew 2.93%; the industry and construction grew 2.95%; the service sector grew 2.75%, exports of goods and services grew 2.86%; and imports of goods and services grew 1.88%," said Huong.
GDP in the first nine months of 2020 was estimated to increase by 2.12% (in first quarter, it rose by 3.68%; in the second quarter by 0.39%; in the third quarter by 2.62%) from the same period last year.
“Although it is the lowest growth rate of the nine months of the years in the 2011-2020 period, in the context of the Covid-19 pandemic that seriously affects all socio-economic aspects of the countries in the world, this is a great success of our country in disease prevention, economic recovery and development,” Huong said.
Amid the complex developments of the Covid-19 pandemic, Vietnam’s economy remained positive growth, showing the lucid directions and operations for economic recovery, disease prevention and determination, unanimity of the entire political system, the Government, the Prime Ministerand the efforts of the people and the business community to effectively implement the goal of pandemic prevention and socio-economic development.
The agriculture, forestry and fishery sector increased by 1.84%, contributing 13.62% to general growth; the industry and construction sector 3.08%, contributing 58.35%; and the service sector 1.37%, contributing 28.03%.
Huong said that the agriculture, forestry and fishery sector in the first nine months of 2020 experienced a low growth compared to the same period last year due to the impact of climate change, the Covid-19 pandemic and African swine fever.
In the industry and construction sector, the industry in the first nine months of 2020 increased by 2.69% from the same period last year, much lower than the growth rate in the 2011-2020 period, contributing 0.91% to the growth of the economy.
The processing and manufacturing industry increased by 4.6%, which was lower than the growth rate of the same period of years in 2011-2020, contributing 1.02 %.
Vietnam, US state bolster cooperation for economic recovery It is now an important time for Vietnam and the West Virginia state of the US to ... |
In the first months of 2020, the pandemic has seriously affected trade, services and import-export activities. The service sector in the nine months achieved the lowest growth rate of the same period of years in 2011-2020.
Related News
Available foundations and drivers for strong economic growth
08:34 | 13/11/2024 Headlines
The economy can achieve the GDP growth target of about 7 percent
09:16 | 14/10/2024 Headlines
Opportunities for supporting industries to join the global supply chain
09:40 | 21/08/2024 Import-Export
The insurance industry is expected to grow by 10 percent in 2024
08:27 | 04/08/2024 Finance
Latest News
Vietnam's internet economy projected to hit 36 billion USD in 2024
13:51 | 22/11/2024 Headlines
Adapting to multicultural environments in global business
09:33 | 22/11/2024 Headlines
Vietnam resolved to boost digital economy with national action plan
14:25 | 21/11/2024 Headlines
NA Chairman departs for official visit to Cambodia
14:24 | 21/11/2024 Headlines
More News
Innovating gold market management mindset
09:48 | 21/11/2024 Headlines
Businesses need support from vietnamese representative offices abroad
14:48 | 20/11/2024 Headlines
Vietnam-Cambodia relations expected to enter new development period: official
14:42 | 20/11/2024 Headlines
Vietnam emerges as forerunner in global nearshoring trend
13:46 | 19/11/2024 Headlines
PM’s visit to Dominican Republic to cement ties
13:41 | 19/11/2024 Headlines
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"
09:39 | 19/11/2024 Headlines
"Explosion" of aviation retail with new services
15:53 | 18/11/2024 Headlines
PM attends Vietnam-Brazil business forum in Rio de Janeiro
15:50 | 18/11/2024 Headlines
Party leader requests extra efforts to fulfill education, training reform goal
15:48 | 18/11/2024 Headlines
Your care
Vietnam's internet economy projected to hit 36 billion USD in 2024
13:51 | 22/11/2024 Headlines
Adapting to multicultural environments in global business
09:33 | 22/11/2024 Headlines
Vietnam resolved to boost digital economy with national action plan
14:25 | 21/11/2024 Headlines
NA Chairman departs for official visit to Cambodia
14:24 | 21/11/2024 Headlines
Innovating gold market management mindset
09:48 | 21/11/2024 Headlines