Vietnam’s GDP growth estimated at 2.91 pct this year

Nguyen Thi Huong, Director General of the General Statistics Office, speaks at the press conference (Photo: VNA)

Hanoi – Vietnam’s gross domestic product (GDP) this year is expected to grow by 2.91 percent compared to 2019, according to Director General of the General Statistics Office (GSO) Nguyen Thi Huong.

Speaking at a press conference in Hanoi on December 27 to announce socio-economic performance data for the fourth quarter and the whole year of 2020, Huong said though the figure was the lowest during the 2011-2020 period due to the COVID-19 pandemic, Vietnam’s growth remains among the world’s highest.

Specifically, it expanded by 3.68 percent in the first quarter, 0.39 percent in the second quarter, 2.69 percent in the third quarter and 4.48 percent in the fourth quarter.

Vietnam's GDP is expected to grow 2.91 percent this year (Photo: VNA)

According to her, agro-forestry-fisheries sector grew by 2.68 percent, contributing 13.5 percent to added value of the whole economy. Industry and construction was up 3.98 percent and services up 2.34 percent, contributing 53 percent and 33.5 percent to the economy, respectively.

Manufacturing and processing sector played a key role in leading growth of the economy with a 5.82 percent rise. Electricity production and distribution grew by 3.92 percent, water supply and waste treatment up 5.51 percent, and mining down 5.62 percent.

Services sector posted the lowest growth in nine years due to the pandemic with retail and wholesale increasing by 5.53 percent annually, finance-banking-insurance up 6.87 percent, transportation and logistics down 1.88 percent, accommodation and dining down 14.68 percent.

The real estate market continues to grow despite the COVID-19 pandemic (Photo: VNA)

Regarding economic structure, agro-forestry-fisheries accounted for 14.85 percent, industry and construction 33.72 percent, and services 41.63 percent.

The Incremental Capital – Output Ratio (ICOR) reached 7.04 on average during the 2016-2020 period.