With such rapid economic growth, the country grew from one of the poorest countries in the world to a comfortably middle-income one. 317/km² (43rd) Land Area. 310,070 km². The banking system has been providing support for 590,000 customers, mainly in forms of debt restructuring or freezing and waiving debt payment with outstanding loans worth over VND1,000 trillion (US$43.31 billion). The growth Vietnam has seen in the recent past is expected to continue, however, at an increasingly slower rate. 0.85% (123rd) World Percentage. This is according to Vietnam prime minister Nguyen Xuan Phuc in a national meeting recently on 2 Jul. In November, the International Monetary Fund (IMF) revised upward its forecast for Vietnam’s 2020 GDP growth by 0.8 percentage points to 2.4 percent. Vietnam's 2020 economic growth slips to 30-yr low due to COVID-19 Back to video. A former Vietnamese government adviser claimed that the coronavirus outbreak will cause Vietnam’s economic growth rate to reduce around 1 percentage … It is projected that the Vietnam population will break 100 million by 2022. Also Show. Vietnam Economy 2020 – the bright spot in the middle of the pandemic In the midst of the Covid-19 epidemic, the global economy in […] Label. The average growth forecast for ASEAN–5 (Indonesia, Malaysia, the Philippines and Vietnam) would record a contraction of 2% in 2020, before rebounding to 6.2% in 2021. For this year, the industry has set a target revenue of VND188.73 trillion (US$8.1 billion), according to a report by Vietnam News. The communist state has long been among Asia’s fastest-growing economies, and the 2020 figure marked a sharp fall from last year’s GDP growth of seven percent. Since 2010, Viet Nam’s GDP growth has been at least 5% per year, and in 2017 it peaked at 6.8%. For this year, the Vietnamese government targets economic growth of 2% in normal conditions and 2.5% if favorable factors emerge. The country likely posted a trade surplus of $19.06 billion in the year the GSO said. Vietnam’s open trade network makes it an attractive destination for FDI. HANOI: Vietnam on Sunday reported economic growth of 2.91 percent in 2020, the slowest rate in more than 30 years as the country battled the coronavirus pandemic. According to the ADB’s Asian Development Outlook 2020 report published on April 3, 2020, Vietnam’s economic growth will decline sharply to 4.8 percent in 2020 but bounce back up to 6.8 percent in 2021, provided the pandemic is contained. The government sets up delegations to inspect public investment disbursement. “The covid-19 pandemic has sent economic growth this year to the lowest level in 2011-2020 period,” Nguyen Thi Huong, head of the statistics office, said at a briefing in Hanoi. Data: GSO. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Prudential Vietnam reaffirmed a year of sustainable growth and enhancements in its business operations in 2020, while continuing to prioritise … Foreign direct investment in Vietnam achieved $15.67 billion in H1 2020, … Vietnam’ credit growth reaches 10.14% at the end of 2020. by Anna Le December 24, 2020. Source: World Bank : Growth, Growth per capita: IMF World Economic Outlook (October-2020) Date: 01 Jan 2021 : Top Statistics GDP ranking 2021. Average consumer prices rose 3.23%. Vietnam will be one of the few nations worldwide to record positive economic growth in 2020 despite a global collapse in trade, travel and investment caused by the Covid-19 pandemic. Vietnam is set to end 2020 as one of the world’s fastest-growing economies, according to the International Monetary Fund, and one of the few economies in Southeast Asia to exhibit any growth at all. 1985 - 2019. Looking ahead to the longer term, Vietnam … Prudential secured sustainable growth and … The forecast shows that Vietnam’s economy is bright with stable growth. Vietnam's proposed growth taget in 2020: Ambitious but not unrealistic: EVFTA - New gateway for market diversification and economic growth: According to experts' forecast, 2020 export growth will be less than 4%. Population Rank. Outlook for 2020. By 2035, the population will be growing half as quickly as it is today. Although it is the lowest growth rate of the years in the 2011-2020 period, in the context of complicated developments in Covid-19, it is a … (Vietnamese source is here). GDP Growth of Vietnam. For this year, the Vietnamese government targets economic growth of 2% in normal conditions and 2.5% if favorable factors emerge. Current economic risks relate to geopolitics, trade policy uncertainty, and domestic reform implementation. Government spending and debt remained in check and bank capital rules were strengthened. Vietnam’s insurance industry aims to maintain a high growth rate of 18.42% in 2020, according to the country’s Insurance Supervisory Authority (ISA). Vietnam’s 2020 GDP growth is among the world’s highest - PHOTO: VNA: 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 world’s highest, according to the General Statistics Office. Economic growth followed suit. The macro-economic and fiscal framework remains resilient with an estimated GDP growth rate of 1.8 percent in the first half of 2020, projected to reach 2.8 percent for the year. Source: VIRAC, GSO. Vietnam is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization. Regardless of the impact of the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia. In the first nine months of 2020, Vietnam’s GDP growth was estimated at 2.12%, the lowest 9-month growth rate in the past 10 years amid the Covid-19 crisis, according to official data. License: CC BY-4.0 Line Bar Map. But Vietnam’s […] The IMF expects Vietnam’s economy to grow 2.4% this year as a result of Hanoi’s deft handling of the Covid-19 outbreak. Despite rising trade tensions and volatility in emerging economies throughout 2018, Vietnam’s economy saw broad-based growth and low inflation. Services and consumer goods are considered as the main factors contributing to Vietnam’s economic development in 2019. Vietnam … Overview of Vietnam’s economic growth in 2020. Vietnam: Industrial output records quickest growth since February in November November 29, 2020 Industrial production increased 9.2% year-on-year in November (October: +3.9% yoy). Fastest disbursement rate in a decade. 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, had said. Growth Rate. Banking, tourism and retail sales would continue to be the growth drivers. The IMF projects ASEAN-5 (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) growth at -0.6 percent in 2020, down from its earlier forecast of +4.8 percent. 15. Prudential Vietnam reaffirmed a year of sustainable growth and enhancements in its business operations in 2020 while continuing to prioritise the health and wealth of customers and contribute to the country’s economic development. Specifically, GDP in the … In the first nine months of 2020 Vietnam’s GDP growth was estimated at 212%, the lowest 9-month growth rate in the past 10 years amid the Covid-19 crisis, according to official data. Vietnam's insurance industry aims to maintain a high growth rate of 18.42% in 2020, gaining revenue of VNĐ188.73 trillion ($8.1bn), according to the country's Insurance Supervisory Authority (ISA). Part 1: The evident truth about Vietnam’s economic growth; China Logistics Property Announces 2020 Interim Results ; China Logistics Property Announces 2020 Interim Results Revenue and Core Net Profit Increase 10.5% and 14.4% to RMB388 million and RMB270 million Respectively Despite COVID-19; Prudential achieves solid growth in 2020, accounts for 30% of industry claims payouts have … Chart: Ngoc Thuy “As the Covid-19 situations remains complicated around the world, such a positive economic growth could be seen as a major achievement of Vietnam,” stated the GSO. 1.26%. GDP growth (annual %) - Vietnam. The International Monetary Fund predicted this week that Vietnam’s gross domestic product (GDP) will grow by 2.4% in 2020, following a 2.6% year-over-year economic boost in the third quarter. World Bank national accounts data, and OECD National Accounts data files. The ADB's Asian Development Outlook, which was released earlier in April, forecasts that Southeast Asia will track closely with China and decelerate growth to +1 percent in 2020. 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. The economy of Vietnam is a socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP). Of the six ASEAN nations, only Vietnam posted an increase in exports for 2020, up 7 percent to 282.66 billion USD, according to The Straits Times. 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. December 24, 2020 . The World Bank forecasts that Vietnam’s economic growth would become moderate at 6.5 percent in 2020 and 2021. NDO - One of the main drivers behind Vietnam’s growth rate of 2.91% in 2020 is public investment, with a range of public-funded infrastructure projects playing a major role in boosting demand, supporting enterprise development, and creating jobs. Vietnam’s gross domestic product (GDP) in 2020 is estimated to increase 2.91% (Q1 increased 3.68%; Q2 increased 0.39%; Q3 increased 2.69%; Q4 increased 4.48%) compared to 2019. As the Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, global growth is projected at -4.9% in 2020, 1.9 percentage points below IMF’s previous forecast. Three key drivers of growth for Vietnam economy in 2020: investment, export and domestic consumption. “This is the lowest GDP growth level in decades. Density. 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 do so through 2025. Expectedly in the period 2020 -2025, GDP will increase by 6-7% and CPI will increase by 3-4%. GDP per capita ranking 2021.
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