31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy
Vietnam’s GDP grows an additional 25.4% per year after revision
Ngoc Thuy 17:05, 2019/08/28
A more accurate GDP growth rate is essential for Vietnam to draft its development strategy in the next decade, including specific targets for the 2021 – 2025 period.
Vietnam’s economy in the 2010 – 2017 period enlarged an additional 25.4% annually compared to the previous data, according to the General Statistics Office (GSO). 
 
Illustrative photo.
Illustrative photo.
GSO Head Nguyen Bich Lam previously said revising GDP calculation is a common practice globally. Countries such as the US, Canada, Germany, Russia, Italy, Indonesia, among others, have made similar moves since 2010.

China revised its GDP growth in 2004, 2008, 2013 and 2015, with the two latest revisions having added US$305 and US$141 billion to the existing statistics. 

In the 2013 – 2014 period, after being revised, Russia’s GDP expanded an extra 24.3%, the economies of Rumania and Croatia enlarged 28.4%, Germany's 3%, Italy's 7% after their respective GDP calculation was reviewed.
 
In July 2013, the US revised its GDP growth of the previous year and added US$506 billion to its economy. 

Lam added this was not the first time the GSO revises the GDP calculation. His agency in 2013 revised the GDP in the 2008 – 2012 period. Six years ago, the revision only focused on certain sectors such as banking, finance, insurance and real estate, Lam stated, noting this time the GSO would include all economic groups in the economy, except the illegal and shadow economies, due to the lack of data. 

According to the GSO, the revision would help better reflect the size and potential of the economy, while enhancing the country’s economic status in the region and on global scale. 

More importantly, a more accurate GDP growth rate is essential for Vietnam to draft its development strategy in the next decade, including specific targets for the 2021 – 2025 period. 

The GSP pointed to five factors leading to a change in Vietnam’s GDP growth rate, including additional information from the latest general survey, additional information from administrative documents, updating new methodology regarding the national account system in 2008, updating national accounts leading to an increase in GDP growth, and updating economic industries. 
Other news
08:39, 2022/39/21
USAID helps ease congestion at Vietnam busiest container port
Cat Lai Terminal handles roughly 50% of Vietnam’s total container volume annually.
16:11, 2022/11/20
Hanoi handicrafts attract international SEA Games 31 guests
The regional sporting event creates opportunities for craft villages to upgrade quality, design, and promote products among international tourists.
11:34, 2022/34/20
Better gender equality towards resilient future for Vietnam’s garment, footwear
Empowering women workers drives and sustains compliance, increases productivity and profitability, improves dialogue, health and education outcomes for workers and their families.
11:24, 2022/24/20
Vietnam’s economic outlook remains bright: AMRO
Vietnam’s positive outlook rides on strong external demand, a recovery in domestic consumption, and healthy investment inflows.
22:26, 2022/26/19
Hanoi hosts second Vietnamese Goods Week 2022
The second Vietnamese Goods Week 2022 is underway until May 22.
11:57, 2022/57/19
US big techs seek greater presence in Vietnam
Vietnam is fast becoming a key production hub for major US tech firms.