The country would remain the only one with positive growth among five major economies in ASEAN, and its economic growth would rebound to 6.7% in 2021. Vietnam gdp growth rate for 2018 was 7.08%, a 0.26% increase from 2017. UOB forecasts Vietnam's 2021 GDP growth at 6.7% despite COVID-19. Data released by the General Statistics Office (GSO) estimated a 1.81 percent growth to Vietnam's GDP in the first half of 2020. The region has been reporting increasing GDP, amounting to 2.9 trillion U.S. dollars in 2018. The WB was more optimistic about Vietnam's economic outlook than other organizations, such as the Asian Development Bank, which forecast Vietnam's GDP growth for this year at 3.8%. The six largest ASEAN nations (Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam) are expected to witness positive real GDP growth rates in 2021. Vietnam's GDP grew 2.91 per cent in 2020, the lowest growth rate recorded over the past decade. Vietnam's growth and recovery require strong public investment: economists (Nov 15, 2021 11:31:57) Vietnam's economy sees positive changes: World Bank (Nov 12, 2021 20:56:23) Lawmakers approve 2022 GDP growth target of 6-6.5 percent (Nov 12, 2021 20:43:51) Resolution on 2021-2025 economic restructuring plan adopted (Nov 12, 2021 20:37:04) Some others predicted the growth rate at 3.5%-4% although the country's GDP growth was negative this quarter. Export-oriented manufacturing will continue to be the most important engine of economic growth. Download Historical Data. In the first nine months of 2020 Vietnam's GDP growth was estimated at 212%, the lowest 9-month growth rate in the past 10 years amid the Covid-19 crisis, according to official data. Download Historical Data Save as Image Data Source: World Bank Page 3 . Vietnam's GDP growth rates Vietnam's economic growth over the past two decades has been steady and impressive, averaging 5.5% since 1990 and nearly 8% annually through the 1990's. The World Bank noted that between 1990 (USD 6.472 billion) and 2016 (USD 205.276 billion), Vietnam's GDP grew by a whopping 3,303% making it the second-fastest . The International Monetary Fund forecast last month Vietnam's economic growth will slow to 2.7% in 2020, but Prime Minster Nguyen Xuan Phuc said his government will try to keep growth above 5%. According to the IMF's report, positive economic prospect is expected to put Vietnam's unemployment rate down to 2.7% in 2021 from 3.3% of last year, which would then further decline to 2.4% in 2022. Higher growth in consumer and capital spending, combined with a robust external sector, should boost activity next year. However, the economic growth in the last quarter will depend much on the deployment of a plan to adapt safely and flexibly to the Covid . Figures and forecasts are as of ADB's Asian Development Outlook Update (ADOU) 2021, released in September 2021. Vietnam has been one of Asia's fastest-growing economies over the past decade, with an average GDP growth rate of 6.2% between 2000 and 2017. Vietnam's GDP in 2020 grows at an impressive pace of 2.91%, the lowest in a decade but among the world's highest, the General Statistics Office (GSO) has announced. A marked acceleration of vaccine rollout in the coming months is key to sustain the envisaged robust growth rates. Vietnam gdp growth rate for 2019 was 7.02%, a 0.06% decline from 2018. HCMC - Standard Chartered has forecast that Vietnam's gross domestic product (GDP) growth would rebound to 7.8% in 2021 from 2.9% in 2020, with manufacturing likely to continue driving the economy, helping Vietnam outperform the rest of Asia. , Nov 23, 2021 Vietnam's real gross domestic product (GDP) has been experiencing positive growth for the past five years since 2016, and is projected to continue to do so through 2026. The latest available economic data for Viet Nam compared to countries in Southeast Asia. List of tables . ET At the sectoral level, agriculture turned out to be the most resilient with an estimated growth rate of 2.7 percent. HANOI, Oct. 20 (Xinhua) -- Vietnam is estimated to post a gross domestic product (GDP) growth of between 3 percent and 3.5 percent in 2021, far below the target of around 6 percent set earlier by the National Assembly (NA), Vietnamese Prime Minister Pham Minh Chinh said Wednesday. GDP of Vietnam is forecast to increase by 6.6% in 2021 and 7.8% in 2022. Vietnam's gross domestic product shrank by 6.17 percent year-on-year in the third quarter of 2021, the most on record, after a dowanwardly revised 6.57 percent growth in the previous period, a . COVID-19's Economic Impact on Vietnam Intensifies Summary • Vietnam's Government intensified public health measures to combat COVID-19 last week, prompting us to cut our 2020 Vietnam GDP growth forecast from 5% to 4%. This page provides - South Korea GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. HANOI (Viet Nam News/ANN) - Vietnam would look to maintain economic growth of 6.76 per cent this year, according to the National Centre for Socio-Economic Information and Forecast under the Ministry of Planning and Investment. Vietnam's GDP growth rates Vietnam's economic growth over the past two decades has been steady and impressive, averaging 5.5% since 1990 and nearly 8% annually through the 1990's. The World Bank noted that between 1990 (USD 6.472 billion) and 2016 (USD 205.276 billion), Vietnam's GDP grew by a whopping 3,303% making it the second-fastest . Government spending and debt remained in check and bank capital rules were strengthened. Therefore, the DBS lowered its 2021 growth forecast to 1.8 percent from 5 percent previously. Press Release Vietnam Aquaculture Market Size: Industry Trends, Share, Growth, Opportunity and Forecast By 2021-2026 Published: Dec. 3, 2021 at 4:53 a.m. To reach a growth rate of 3% or 3.5% this year, the country's GDP growth this quarter would have to hit 7.06% or 8.84%, respectively, Phuong said. Meanwhile, the ASEAN-5 is set to average a growth rate of 4.9% in 2021 and 6.1% next year. HANOI (Vietnam/Asia News Network): World Bank continued to lower Vietnam's GDP growth forecast for this year to 2-2.5 per cent in its October 2021 Vietnam Macro Monitoring. He added though the economic growth in the first six months reached 5.64 per cent compared to 2020, the fourth outbreak had a serious impact, decreasing the third-quarter growth by 6.17 per cent, dragging the growth rate of the first nine months' GDP to only 1.42 per cent. Vietnam is one of the ASEAN countries experiencing export trade growth, and has had consistent yearly. In the baseline scenario, we revised down Vietnam's 2021 GDP growth to 3.9 per cent from a previous forecast of 5.0-5.5 per cent," the brokerage said. The Manila-based lender now sees 2021 gross domestic product (GDP) growth of 7.0% for developing Asia, down from 7.1%, and 2022 growth of 5.3%, down from 5.4% in September. Although real GDP growth in 2021 will be much stronger than 2020, the Vietnamese economy is still facing headwinds brought about by the pandemic, and we expect the State Bank of Vietnam (SBV) to keep its benchmark It held that the multi-decade decline in the third quarter makes it difficult for growth to recapture last year's 2.9 percent expansion, much less the government's official GDP target range of 6-6.5 percent. Despite rising trade tensions and volatility in emerging economies throughout 2018, Vietnam's economy saw broad-based growth and low inflation. It held that the multi-decade decline in the third quarter makes it difficult for growth to recapture last year's 2.9 percent expansion, much less the government's official GDP target range of 6-6.5 percent. Vietnam's GDP shrank by 6.17 percent in the third quarter. At Fitch Solutions, we retain our forecast for Vietnam's credit growth at 14.0% for 2021. Due to the impact of the latest COVID-19 Delta wave, the pace of Vietnam's economic growth is expected to moderate to 2.3% in 2021, compared with the 2.9% growth rate recorded in 2020. Vietnam - GDP Economy slumps into record contraction in Q3 GDP contracted 6.2% year-on-year in the third quarter of 2021, contrasting the 6.6% growth recorded in Q2. We now believe COVID-19 will reduce Vietnam's GDP growth by 3%pts this year. In the first nine months, the GDP grew by 1.42 percent as against 2.12 percent in the same period last year. Standard Chartered Bank has revised its GDP growth forecasts for Vietnam for 2021 to 4.7 per cent from 6.5 per cent and 7.0 per cent from 7.3 per cent for 2022 due to softening economic indicators, the worsening pandemic, and a still-slow vaccination rollout. Still, his forecast of a 10% growth for Vietnam this year is one of the most optimistic in the market. We then look for a solid rebound from Q4 as restrictions ease. Vietnam used to achieve a GDP growth of over 7% in the past. Vietnam's GDP is set to expand 6.5% in 2021, higher than the global average of 6%, and then rebound to 7.2% next year, according to the International Monetary Fund (IMF) in its latest World Economic Outlook report. More about Vietnam. Singapore-based United Overseas Bank (UOB) has forecast that Vietnam's gross domestic product (GDP) growth rate would rebound to 6.7 percent in 2021 from 2.9 percent in 2020, regardless of the impacts of the COVID-19 pandemic. However, those figures could result lower in case of a further spread of the pandemic. Vietnam posted a modest GDP growth of just 1.42 percent in the first nine months of this year due to severe impacts of the COVID-19 pandemic, according to its General Statistics Office. ADB lowers GDP growth rate to 1.9% for this year. Vietnam gdp growth rate for 2019 was 7.02%, a 0.06% decline from 2018. Vietnam gdp growth rate for 2018 was 7.08%, a 0.26% increase from 2017. Vietnam's economy shows positive signs. The economy will recover swiftly in 2022, following the lifting of most coronavirus-related restrictions from late 2021. With continued expansion of trade and gradual recovery in tourism sector and construction activities, Singapore's GDP growth is forecasted to increase to 5.8% in 2021. Subscriber Services Subscribe to . To estimate and forecast the market size of Vietnam pharmaceuticals market from 2020 to 2026 and growth rate until 2026. In a report released late in September, the World Bank forecast that Vietnam's economy would grow by 4.8 percent in 2021 before recovering to the pre-pandemic . The International Monetary Fund has revised upward its forecast for Vietnam's 2020 GDP growth by 0.8 percentage points to 2.4 percent. Vietnam records an economic growth of 2.91% - an impressive achievement amid gloomy global forecasts. Cambodia's economy is projected to grow by just 1.9 per cent this year due to the protracted Covid-19 crisis, but accelerate to 5.5 per cent by 2022, according to the latest update of the Asian Development Bank (ADB) released on September 22. Therefore, the DBS lowered its 2021 growth forecast to 1.8 percent from 5 percent previously. However, the economic growth in the last quarter will depend much on the deployment of a plan to adapt safely and flexibly to the Covid . July 16, 2019. While the Asian Development Bank (ADB) forecasts GDP growth at 6.7 percent, Vietnam's government expects GDP growth at 6.5 percent for 2021. Line Bar Map. License : CC BY-4.0. Despite the challenges of the COVID-19 pandemic, Vietnam's economy has remained resilient, expanding by 2.9 percent in 2020—one of the highest growth rates in the world—and growth is projected to be 6.5 percent in 2021, thanks to strong economic fundamentals, decisive containment measures and well-targeted government support, according to . In 2019,. Vietnam recorded decade-low GDP growth of 1.8% in the first half of this year, and expansion is forecast at just 2% to 2.5% . Despite being modest, these rates are encouraging considering that Vietnam is one of few countries that achieved positive growth during the pandemic. Vietnam's gross domestic product grew by 6.88 percent year-on-year in the third quarter of 2018, compared with a 7.46 percent growth in the same period of the previous year. Press Release Vietnam Aquaculture Market Size 2021: Industry Trends, Share, Growth, Opportunity and Forecast Till 2026 Published: Nov. 1, 2021 at 3:38 a.m. Vietnam's real GDP contracted by 6.2% y-o-y in Q321, its steepest y-o-y contraction since the country began releasing quarterly data in 2000, taking growth for the first three quarters of 2021 to 1.4% y-o-y. Table ES.1: Regional gain in GDP growth rate... 12 . As such, Vietnam is predicted to obtain a GDP growth rate of 6.7 percent in 2019 and 6.2 percent in 2020, lower than the 6.8 percent rate the government of Vietnam has targeted. Vietnam's growth would be among the highest in the world, thanks to its successful containment of the Covid-19 pandemic, Era Dabla Norris, mission chief to Vietnam and division chief in the IMF's Asia and . As in previous years, the manufacturing and processing industry has been the driver for this increase with a growth rate of 11.42 percent. Similar values. Vietnam gdp growth rate for 2017 was 6.81%, a 0.6% increase from 2016. ET Vietnam GDP growth among world's highest in 2020: GSO. A target of around 6 per cent of economic growth in 2021 was previously set by the country's top . Note: The newly industrialized economies are Hong Kong, China, the Republic of Korea, Singapore, and Taipei,China. GDP growth (annual %) - Vietnam. Aggregates. Subscribe to Corona Compact — DW's newsletter tracking coronavirus in Asia Ealier this month, the bank had revised its GDP growth forecasts for Vietnam for 2021 to 4.7 per cent from 6.5 per cent and 7.0 per cent from 7.3 per cent for 2022 due to softening economic indicators, the worsening pandemic, and a still-slow vaccination rollout. - Indonesia decreased -2.07%, GDP decreased to about 1,053 billion USD, per capita shrinking at 3,911 USD (source of Statistics Indonesia BPS). Negative GDP growth in the third quarter has resulted in revised forecasts for growth in the year as a whole. The forecast is based on the following key assumptions: The daily cases curve will flatten since mid-September and Vietnam could accelerate vaccine deployment until the end of 2021. Vietnam's GDP in the third quarter of 2021 fall by 6.2 percent from the same period last year, the sharpest decline since the nation announced its quarterly GDP, the WB estimated. Hong Menea. Data: GSO. source: General Statistics Office of Vietnam 3Y 10Y 25Y MAX Chart Compare Export API Embed Vietnam GDP Growth Rate Vietnam is a developing economy in the Southeast Asia. Comparative economic forecasts. For this year, the Vietnamese government targets economic growth of 2% in normal conditions and 2.5% if favorable factors emerge. At an average rate of $ 1 = S $ 1.34, Singapore's nominal GDP size is estimated at $ 350 billion. Vietnam Recent developments The GDP grew 2.9 percent in 2020, due to exceptional resilience in Vietnam's export and domestic sectors, although this growth performance is significantly lower than the 7 percent growth rate in 2019. Infant mortality rates fell from 32.6 per 1,000 live births in 1993 to 16.7 per 1,000 in 2017. The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050; UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively Ngoc Thuy. To reach a growth rate of 3% or 3.5% this year, the country's GDP growth this quarter would have to hit 7.06% or 8.84%, respectively, Phuong said. While downside risks have heightened, economic fundamentals remain solid in Vietnam, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5-7 percent from 2022 onward, said . IMF maintains Vietnam GDP growth forecast at 6.5% in 2021 Vietnam would be the second fastest growing economy in ASEAN. Photo: Illustration GDP growth was -6.17 per cent year-on-year in the third quarter, far worse than the predicted -1 to -3 per cent and the steepest decline since 2000, when Vietnam first began announcing quarterly growth figures. To classify and forecast Vietnam pharmaceuticals market based on market drug type, product type, application, distribution channel, competitional landscape, and regional distribution. GDP Growth Rate in South Korea averaged 1.73 percent from 1960 until 2021, reaching an all time high of 7.80 percent in the fourth quarter of 1970 and a record low of -7 percent in the first quarter of 1998. A low base effect would contribute a further to 6.5% growth next year. But 2022 is looking a lot brighter for Vietnam. Same region. Final report: A new model for Vietnam's economic growth in 20212030 (target- -investment policy based on regional comparative advantages) and vision to 2050: Quantitative scenario assessment. "COVID-19 has receded in developing Asia, but rising infections worldwide and the emergence of a fast-spreading variant suggest that the pandemic will take time to play . Country Economic Forecasts - Vietnam. Vietnam Economic Growth The economy is estimated to grow at the fastest rate in the region in 2022, following this year's projected solid expansion. DBS Group Research raised its 2022 GDP target to 8.0 per cent, versus 6.8 per cent . The sharp Q321 contraction was due to stringent lockdowns in key economic municipalities of Hanoi and Ho Chi Minh City during the quarter which will be progressively eased beginning Q421. Health outcomes have improved along with rising living standards. Elsewhere Vietnam's GDP growth forecast for this year has been lowered to 2-2.5%, according to the World Bank's October 2021 Vietnam Macro Monitoring. Vietnam's economy is forecast to grow by about 4.8 percent in 2021: WB Hanoi, August 24, 2021 —Vietnam's GDP is expected to expand by about 4.8 percent in 2021, although it has posted a robust economic performance in the first half of this year. The International Monetary Fund (IMF) has revised down its forecast for Vietnam's GDP growth to 1.6% in 2020 from a previous estimate of 2.7% in June. Vietnam minister sees 2021 GDP growth at 3.5%-4.0% read more Standard Chartered Bank cuts Vietnam 2021 GDP growth forecast to 4.7% from 6.5% on worsening pandemic Delta variant clouds developing . This is cached page on VietNam Breaking News. Thus, Vietnam may not surpass Singapore in terms of nominal GDP in 2020. How much the economy could pull ahead, however, would largely depend on the global economy, said Dang Duc Anh, deputy director of the centre. Tax reforms can be a panacea for the structural drag on economic growth; Monetary policy can help economic recovery have 1681 words, post on www.sggpnews.org.vn at December 13, 2021. The International Monetary Fund (IMF) forecasts that by 2022, the group of countries with the fastest growth in Gross Domestic Product (GDP) of the Association of Southeast Asian Nations (ASEAN) will include Vietnam (7.2%), Philippines (6.5%), Malaysia and Cambodia both in third place with projected growth of 6%. If you want remove this page, please contact us. Vietnam gdp growth rate for 2020 was 2.91%, a 4.11% decline from 2019. Vietnam GDP Annual Growth Rate Vietnam's gross domestic product shrank by 6.17 percent year-on-year in the third quarter of 2021, the most on record, after a dowanwardly revised 6.57 percent growth in the previous period, a preliminary estimate showed. DBS Group Research lowered its 2021 growth forecast to 1.8 per cent (from 5.0 per cent previously); CPI (consumer price index) inflation average was also lowered to 2.1 per cent, from 3.3 per cent previously. Fiscal and monetary measures taken to support the economy of Vietnam GDP growth . Vietnam gdp growth rate for 2017 was 6.81%, a 0.6% increase from 2016. However, the COVID-19 Delta variant has dealt a shock to Vietnam and GDP is estimated to grow between 2 and 2.5 percent in 2021, about 4 percentage points lower than the world average. Depend on the forecast of global economic and trade growth, Vietnam's growth rate is also forecasted to decrease slightly; however it still maintains at a relatively high level of 6.8%. Vietnam's economy continues to show a concrete foundation, with the support of strong domestic demand and export-oriented manufacturing. economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. We have lowered our 2021 GDP growth forecast to 6.6% from 7.6% previously as a global chip shortage and tighter restrictions will weigh on manufacturing and services in the short term. A strong recovery in GDP growth momentum is forecast for 2022, at a pace of 6.3% y/y, as increasing vaccine rollout helps to gradually contain the pandemic and . Gross domestic product (GDP) growth rates for ADB's developing member countries. A third term as general secretary for Nguyen Phu Trong, ending in 2026, will ensure policy continuity and rule out major . World Bank national accounts data, and OECD National Accounts data files. The country's GDP is forecast to grow at 7.6 percent in 2021, among the highest rates in the region, the report said, noting that Vietnam was one of the few economies in the world to grow in . None. The forecast was released in the UOB's . "By the end of 2021, we think GDP will be only 1.5% lower than it would have been had the . Vietnam used to achieve a GDP growth of over 7% in the past. Vietnam gdp growth rate for 2020 was 2.91%, a 4.11% decline from 2019. The GDP growth last year was 2.91 percent, the lowest in a decade, but Vietnam was one of the few countries in the world to achieve positive growth. Five Charts Explain Vietnam's Economic Outlook. The forecast growth rate, however, is in stark contrast with the 7% expansion of 2019. Table 1. Table ES.1: Regional gain in GDP growth rate for 2018 was 7.08,. A 0.26 % increase from 2017 encouraging considering that vietnam is one of few countries that achieved positive growth the... 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