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According to the General Statistical Office, although this is the smallest increase in the years in the period 2011-2020, in the context of complicated developments in Covid-19, which negatively affect all socioeconomic areas, this is the great success of Vietnam. Vietnam’s growth rate in 2020 is among the highest in the world. In particular, it is estimated that the GDP for the fourth quarter of 2020 will increase by 4.48% compared to the same period last year.
The General Statistics Office assessed that the translation of Covid-19 was strictly controlled, the economy gradually returned to new normal conditions, the Free Trade Agreement between Vietnam and the EU entered into force from August 1. 2020 has created the driving force of the economy, so GDP in the fourth quarter of 2020 has grown prosperously compared to the third quarter of 2020.
In which, the agricultural, forestry and fishing sector increased by 4.69% compared to the same period last year; industry and construction increased 5.60%; the service sector increased 4.29%; Tax on products less subsidies on products increased by 1.07%.
GDP in 2020 increases 2.91%, which shows the correction in the direction and administration of the economic recovery, the prevention of diseases and the determination and consensus of the entire political system. In the general growth rate of the entire economy, the agricultural, forestry and fishing sector increased by 2.68%, contributed 13.5% to the growth rate of the total value added of the entire economy; industry and construction increased 3.98%, contributed 53%; the services sector increased 2.34%, contributing 33.5%.
Regarding the economic structure in 2020, according to the General Statistical Office, the agricultural, forestry and fishing sector represents 14.85%; industry and construction accounted for 33.72%; the services sector represented 41.63%; The tax on products less subsidies on products represents 9.8%.
Regarding the quality of economic growth, the labor productivity of the entire economy at current prices in 2020 is estimated at 117.9 million VND / employee (equivalent to US $ 5,081 / employee, an increase of US $ 290 compared to 2019. ).
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