Total GDP accumulates to US$1,200 billion over past nearly five years
13:00 | 11/11/2020

VGP – Total GDP accumulated to more than US$1,200 billion over the past nearly five years, mainly fueled by sustainable macro-economic foundation, Prime Minister Nguyen Xuan Phuc told legislators at the Legislature's Q&A session on Tuesday.

Prime Minister Nguyen Xuan Phuc presents a report updating socio-economic performance since 2016 at the Legislature's Q&A session on November 10, 2020. Photo: VGP

The Government chief said the number of newly-established enterprises reached 350,000 in the four-years period, equaling to half of the total operational enterprises, with total newly-registered of nearly VND10 trillion. 

During the reviewed period, eight million jobs were created while labor productivity grew 5.8% annually on average compared to 4.3% of the previous period. 

The per capita GDP during 2016-2020 increased by 145% and is projected to reach US$3,700 next year.

The proportion of multidimensionally poor households sharply decreased from 9.8% in 2015 to under 3% in 2020, said Phuc, asserting that the nation has made efforts in helping these poor households escape from poverty, especially those living in rural and mountainous areas and ethnic minority groups.

The World Bank (WB) stressed that more than 45 million people in Viet Nam have been lifted out of poverty between 2002 and 2018. 

According to the Economist, Viet Nam is in the top 16 most successful emerging economies in the world, with many prospects to narrow the gap with developed countries amidst the COVID-19 epidemic.

Real GDP grew by an estimated 7% in 2019, similar to 2018, becoming one of the fastest growth rates in the region, the World Bank stated. 

Regarding impacts of the COVID-19 pandemic on Viet Nam’s economy, the WB highlighted that Viet Nam’s macro-economic and fiscal framework remains resilient with an estimated GDP growth rate of 1.8% in the first half of 2020, projected to reach 2.8% for the year. 

Viet Nam is one of a few countries in the world not to expect a recession./.

By Thuy Dung

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