- Vietnam’s nominal GDP reached USD271.2bn in 2020 and the income per capita was USD2,779, higher than the predicted USD268.4bn and USD2,750 respectively.
- The numbers were announced in the government’s socio-economic development plan in 2020 submitted to the National Assembly on March 22.
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During a meeting session of the 14th National Assembly last October, the government reported that they had performed better and achieved better results than the targets for 2020.
The growth rate of total export turnover was 7%, higher than the goal of 1%. The unemployment rate of working-age people in urban areas was 3.88%, lower than the 4.39% goal. The GDP growth rate and CPI growth rate were 2.91% and 3.23%, around the expected goals of 2-3% and less than 4% respectively. The export surplus was USD20bn, higher than the USD7bn goal and the proportion of the population participating in the health insurance programme was 90.85%, higher than the goals of 90.7%.
According to the governmental report, Vietnam’s economy has shown positive signs. Priority loans have been given to businesses and manufacturers. The authorities also asked banks to support customers who are badly affected by the pandemic in order to recover the economy.
The total import-export revenue reached USD545.4bn, an increase of 5.35% on the previous year and 1.8% higher than the goal. Vietnam has had a trade surplus for five consecutive years.
In 2020, the government carried out economic restructuring to improve competitiveness and achieved positive results. However, there are still many shortcomings. For example, the growth rate is still low despite the potential and is unsustainable. There is a lack of human resources and integrated infrastructure of the country. The economic restructuring process is too slow and the economy needs to be prepared more for unusual global events.
The Covid-19 pandemic has had a severe impact on the economy. The government pointed out that some support policies for the general public and businesses have expired and some other policies need to be revised to be more suitable for 2021.
This article was published on Dtinews
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Source: Vietnam Insider