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Vietnam’s economy grew by 2.91% last year, the lowest level in the decade, but among the group of the world’s fastest growing countries.
This afternoon (December 27), the General Statistical Office announced economic data in 2020. In which, Vietnam’s GDP increased by 2.91%, although it was the lowest growth rate of the last decade but in the context of epidemics. Covid-19 was complicated, the statistics agency called it a great success. This figure is also found in the previous forecast of the Ministry of Planning and Investments.
In the overall growth rate of the entire economy, the agricultural, forestry and fisheries sector increased 2.68%, industry and construction increased 3.98%, and the service sector increased 2.34%.
In the industry and construction sector, the industry grew by 3.36%. In which, the transformation and manufacturing industry still plays a leading role in the growth of the economy with an increase of 5.82%; the production and distribution of electricity increased by 3.92%; water supply, waste and wastewater treatment and management increased 5.51%. In contrast, mining decreased 5.62% due to a 12.6% decrease in crude oil production and 11.5% in natural gas production.
The construction industry was more positive with an increase of 6.76%, higher than the growth rate of 2011, 2012 and 2013 in the last 10 years.
The service sector in 2020 will reach the lowest growth rate of the decade. According to the statistics agency, Covid-19 has complicated developments but it is well controlled in the country, so that trade and consumer services still achieve high growth in the last months of the year, internal transport is gradually recovering. But transportation and tourism abroad still face many difficulties.
The accommodation and restaurant services industry decreased 14.68% this year, while the transportation and storage services sector decreased 1.88%. The sectors that maintained growth, such as wholesale and retail, increased by 5.53%; finance, banking and insurance increased 6.87%.
Import and export is considered a bright spot, with the total turnover this year is estimated at 543.9 billion dollars, 5.1% more than the previous year, of which the export of goods is 281.5 billion dollars, 6, 5%, while the import of 262.4 billion dollars, 3.6%.
The trade balance for goods was estimated to have a trade surplus of $ 19.1 billion, the highest level in 5 years of trade surplus since 2016.
The labor productivity of the entire economy at current prices is estimated at 117.9 million VND per employee, equivalent to $ 5,081 and increasing by $ 290 compared to 2019.
On average for the whole year, the consumer price index (CPI) increased by 3.23% compared to 2019. The national gold price fluctuated in accordance with the world price of gold, the average in 2020 increased by more than 28% compared to 2019. Index The average price in US dollars in 2020 will decrease by 0.02%.
Minh Son
