Economy size increases by 1.4 times from 2015

VGP – The size of the Vietnamese economy increased by 1.4 times from that in 2015, Prime Minister Nguyen Xuan Phuc told legislators on Tuesday.

October 20, 2020 4:58 PM GMT+7

Prime Minister Nguyen Xuan Phuc summarizes socio-economic achievements in 2016-2020 period at the opening ceremony of the 14th National Assembly's 10th working session, Ha Noi, October 20, 2020. Photo: VGP

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The economy expanded at average annual rate of 6.8% in 2016-2019 period and 2.12% in the first nine months of 2020, the Government chief said.

Viet Nam may become the 4th biggest ASEAN economy this year with GDP estimated to reach US$340.6 billion, according the Global Economic Outlook released by the International Monetary Fund last week.

Specifically, Viet Nam’s GDP will surpass Singapore with US$337.5 billion and Malaysia with US$336.3 billion. Other three largest economies are Indonesia, Thailand and the Philippines.

Phuc said the GDP per capita was estimated at around US$2,750 while labor productivity improved significantly with the average growth rate of 5.8% in 2016-2020 period compared to 4.3% in 2011-2015 period./.

By Ngoc Van