WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 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
20:56, 2024/11/04
Hanoi approves 14 residential projects amid market challenges
The fourth quarter would see increasing supply of new apartments, with around 9,700 units to get launched.
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024
18:17, 2024/11/03
Hanoi seeks partnerships to build skilled workforce for digital transformation
Vocational training institutions play important roles in developing a quality workforce prepared for large companies.
21:14, 2024/10/31
Vietnam, Brazil: Building bridges through shared history and new partnerships
Vietnam and Brazil are forging a future of mutual development, bridging continents through their shared history and new partnerships.
16:41, 2024/10/31
Hanoi develops quality farming models
Agricultural extension in the city continues to face challenges, including the adverse effects of climate change and the complex disease situation affecting crops and livestock.
22:28, 2024/10/30
Suburban Hanoi accelerates OCOP development in co-ops and villages
Local authorities are stepping up their support for members of the One Commune One Product (OCOP) program.