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 / Industry
Vietnam GDP growth among world's highest in 2020: GSO
Ngoc Thuy 11:25, 2020/12/28
Vietnam records an economic growth of 2.91% - an impressive achievement amid gloomy global forecasts.

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.

 Data: GSO. 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

Specifically, GDP in the fourth quarter increased by 4.48% year-on-year, the highest quarterly growth in the year, followed by the third quarter growth at 2.69%, second quarter at 0.39% and the first quarter at 3.68%.
In 2020, the sector of agriculture, forestry and fishery has expanded by 2.68%, contributing 13.5% to the overall growth; the sector of industry and construction enlarged by 3.98%, contributing 53%; and the service sector climbed by 2.34%, contributing 33.5%.

The driving forces of the economy in 2020 continues to be the manufacturing and processing with an increase of 5.82%, or 1.25% percentage points to the economy; while electricity production and distribution with a growth rate of 3.92%; water provision and waste water treatment with 5.51%. On the contrary, mining activities suffered a contraction of 5.62%, followed by crude oil of 12.6% and natural gas of 11.5%.

About the structure of the economy in 2020, the sector of agriculture, forestry and fishery made up 14.85%; the sector of industry and construction accounted for 33.72%; the service sector represented 41.63%; and product taxes less subsidies on production accounted for 9.8%.

The productivity is estimated at VND117.9 million per worker or US$5,081, up US$290 against last year.

The incremental capital-output ratio (ICOR) showed signs of improvements, going down from 6.42 in 2016 to 6.07 in 2019, averaging 6.13 in the 2016 – 2019 period and lower than 6.25 in 2011 – 2015.

In 2020, due to the impacts of the Covid-19 pandemic, business and production activities were severely impacted, resulting in a ICOR index of 14.28, averaging 7.04 in 2016-20.

ICOR explains the relationship between the level of investment made in the economy and the consequent increase in GDP. The higher the ICOR, the lower the productivity of capital or the marginal efficiency of capital.

RELATED NEWS
TAG: Vietnam covid-19 coronavirus nCoV pandemic GDP growth 2020 world highest manufacturing processing services agriculture
Other news
05:10, 2024/10/04
VINC FORUM initiative launched at Innovate Vietnam 2024
The program was held at Hoa Lac Hi-tech Park on October 1 and 2 as part of the NIC's 5th anniversary and Innovate Vietnam 2024 celebrations.
19:02, 2024/10/02
Hanoi to set up venture capital association for innovation growth
Hanoi has witnessed increasing innovation in many sectors, including manufacturing, business, and education.
20:55, 2024/10/01
Prime Minister designates October 1 as Vietnam Innovation Day
On October 1, the Vietnam Innovation Day 2024 and the fifth anniversary of the National Innovation Center (NIC) were celebrated at the Hoa Lac Hi-Tech Park.
16:35, 2024/09/28
Workshop explores AI and cybersecurity for smart Hanoi
The event marks the 70th anniversary of Hanoi’s liberation and the 25th anniversary of the Hanoi ICT Association.
14:22, 2024/09/23
Vietnam sees int’l cooperation as key to hi-tech development
Vietnam is home to major electronics, IT, semiconductors, and AI companies such as Samsung, Amkor, Hana Micron, Intel, Foxconn, LG, Viettel, VNPT, and FPT.
21:49, 2024/09/22
Hanoi's economic growth spurs recruitment drive across sectors
Hanoi Employment Service Center strengthens online job exchange activities, uses technology to improve connections between labor supply and demand, and improves the effectiveness of job platforms and satellite offices.