Never a government leader has asked for falsifying statistical data during the process of gathering socio-economic information, Prime Minister Nguyen Xuan Phuc has stated.

Prime Minister Nguyen Xuan Phuc speaks at the meeting. Source: VGP.

Statistical data remain objective, accurate and complies with laws, said Phuc at a conference of the General Statistics Office (GSO) on January 6.

Referring to the GDP revision, Phuc said the GSO has done a good job, ensuring full compliance with international practices.

“This is not for the sake of achievement that the government decided to revise the GDP revision," said Phuc, adding the objective of the revision is to have a clearer basis to set up development strategies for the next five and ten years.

Head of the GSO Nguyen Bich Lam said the move was necessary to reflect the country’s economic performance more accurately, and enhance Vietnam’s status on the regional and international stages.

PM Phuc said in 2019, Vietnam’s nominal GDP stood at US$262 billion, which is based on existing data.

Phuc said the 13%-credit growth showed the country’s economy is developing at a healthier, depending less on credit, while social investment capital accounted for 33 – 34% of the GDP.

Statistical capacity of Vietnam in 2018 was ranked 19th out of 145 countries and territories by the World Bank, placing Vietnam at second place in Southeast Asia and higher than the average score of the Asia – Pacific region.

Last August, Head of the GSO Nguyen Bich Lam announced the GDP revision that resulted in an enlargement of 25.4% annually of Vietnam’s economy in the 2010 – 2017 period compared to the previous data, in which 2011 recorded the highest growth rate of 27.3% and 2015 grew the lowest rate of 23.8%.

As such, GDP growth rates from 2011 to 2017 are 6.41%; 5.50%; 5.55%; 6.42%; 6.99%; 6.69%; and 6.94%, respectively.

The revised GDP data was owing to the inclusion of 76,000 enterprises, Lam explained. 

Finance expert Pham Dinh Cuong said GDP revision only serves the purpose of comparison with other countries, instead of having a substantial impact on the economy itself. 

Meanwhile, economist Vo Tri Thanh said GDP revision may impact the economy in the long term by leading to changes in a number of economic targets. 

“The government must revise its national financial strategy and other economic plans on the basis of revised GDP growth rate,” said Thanh.