Also Show. Vietnam's insurance industry aims to maintain a high growth rate of 18.42% in 2020, gaining revenue of VNĐ188.73 trillion ($8.1bn), according to the country's Insurance Supervisory Authority (ISA). Although it is the lowest growth rate of the years in the 2011-2020 period, in the context of complicated developments in Covid-19, it is a … “This is the lowest GDP growth level in decades. Vietnam … 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. Prudential secured sustainable growth and … By 2035, the population will be growing half as quickly as it is today. The IMF expects Vietnam’s economy to grow 2.4% this year as a result of Hanoi’s deft handling of the Covid-19 outbreak. GDP growth (annual %) - Vietnam. Density. GDP per capita ranking 2021. Prudential Vietnam reaffirmed a year of sustainable growth and enhancements in its business operations in 2020, while continuing to prioritise … 1985 - 2019. The ADB's Asian Development Outlook, which was released earlier in April, forecasts that Southeast Asia will track closely with China and decelerate growth to +1 percent in 2020. Services and consumer goods are considered as the main factors contributing to Vietnam’s economic development in 2019. But Vietnam’s […] Data: GSO. The IMF projects ASEAN-5 (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) growth at -0.6 percent in 2020, down from its earlier forecast of +4.8 percent. Vietnam’s insurance industry aims to maintain a high growth rate of 18.42% in 2020, according to the country’s Insurance Supervisory Authority (ISA). “The covid-19 pandemic has sent economic growth this year to the lowest level in 2011-2020 period,” Nguyen Thi Huong, head of the statistics office, said at a briefing in Hanoi. A former Vietnamese government adviser claimed that the coronavirus outbreak will cause Vietnam’s economic growth rate to reduce around 1 percentage … With such rapid economic growth, the country grew from one of the poorest countries in the world to a comfortably middle-income one. 0.85% (123rd) World Percentage. The economy of Vietnam is a socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP). 310,070 km². Current economic risks relate to geopolitics, trade policy uncertainty, and domestic reform implementation. 1.26%. Population Rank. The average growth forecast for ASEAN–5 (Indonesia, Malaysia, the Philippines and Vietnam) would record a contraction of 2% in 2020, before rebounding to 6.2% in 2021. Vietnam’ credit growth reaches 10.14% at the end of 2020. by Anna Le December 24, 2020. In November, the International Monetary Fund (IMF) revised upward its forecast for Vietnam’s 2020 GDP growth by 0.8 percentage points to 2.4 percent. For this year, the Vietnamese government targets economic growth of 2% in normal conditions and 2.5% if favorable factors emerge. Growth Rate. 15. Of the six ASEAN nations, only Vietnam posted an increase in exports for 2020, up 7 percent to 282.66 billion USD, according to The Straits Times. Despite rising trade tensions and volatility in emerging economies throughout 2018, Vietnam’s economy saw broad-based growth and low inflation. Overview of Vietnam’s economic growth in 2020. According to the International Monetary Fund (IMF), the World Bank (WB) and many world economic organizations, Vietnam’s GDP in 2020 is expected to have the highest growth rate in the world. 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 Pacific department, had said. The country likely posted a trade surplus of $19.06 billion in the year the GSO said. The International Monetary Fund predicted this week that Vietnam’s gross domestic product (GDP) will grow by 2.4% in 2020, following a 2.6% year-over-year economic boost in the third quarter. Vietnam’s gross domestic product (GDP) in 2020 is estimated to increase 2.91% (Q1 increased 3.68%; Q2 increased 0.39%; Q3 increased 2.69%; Q4 increased 4.48%) compared to 2019. NDO - One of the main drivers behind Vietnam’s growth rate of 2.91% in 2020 is public investment, with a range of public-funded infrastructure projects playing a major role in boosting demand, supporting enterprise development, and creating jobs. The World Bank forecasts that Vietnam’s economic growth would become moderate at 6.5 percent in 2020 and 2021. Part 1: The evident truth about Vietnam’s economic growth; China Logistics Property Announces 2020 Interim Results ; China Logistics Property Announces 2020 Interim Results Revenue and Core Net Profit Increase 10.5% and 14.4% to RMB388 million and RMB270 million Respectively Despite COVID-19; Prudential achieves solid growth in 2020, accounts for 30% of industry claims payouts have … HANOI: Vietnam on Sunday reported economic growth of 2.91 percent in 2020, the slowest rate in more than 30 years as the country battled the coronavirus pandemic. Vietnam’s 2020 GDP growth is among the world’s highest - PHOTO: VNA: HCMC - Vietnam is projected to obtain an estimated gross domestic product (GDP) growth rate of 2.91% for 2020, the lowest in the 2011-2020 period but among the world’s highest, according to the General Statistics Office. 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. The forecast shows that Vietnam’s economy is bright with stable growth. Vietnam Economy 2020 – the bright spot in the middle of the pandemic In the midst of the Covid-19 epidemic, the global economy in […] Expectedly in the period 2020 -2025, GDP will increase by 6-7% and CPI will increase by 3-4%. As the Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, global growth is projected at -4.9% in 2020, 1.9 percentage points below IMF’s previous forecast. The macro-economic and fiscal framework remains resilient with an estimated GDP growth rate of 1.8 percent in the first half of 2020, projected to reach 2.8 percent for the year. World Bank national accounts data, and OECD National Accounts data files. Vietnam's proposed growth taget in 2020: Ambitious but not unrealistic: EVFTA - New gateway for market diversification and economic growth: According to experts' forecast, 2020 export growth will be less than 4%. It is projected that the Vietnam population will break 100 million by 2022. Fastest disbursement rate in a decade. Specifically, GDP in the … Three key drivers of growth for Vietnam economy in 2020: investment, export and domestic consumption. Government spending and debt remained in check and bank capital rules were strengthened. Banking, tourism and retail sales would continue to be the growth drivers. The banking system has been providing support for 590,000 customers, mainly in forms of debt restructuring or freezing and waiving debt payment with outstanding loans worth over VND1,000 trillion (US$43.31 billion). Economic growth followed suit. December 24, 2020 . Vietnam’s open trade network makes it an attractive destination for FDI. Vietnam’s real gross domestic product (GDP) has been experiencing positive growth for the past five years since 2015, and is projected to continue to do so through 2025. Regardless of the impact of the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia. According to the ADB’s Asian Development Outlook 2020 report published on April 3, 2020, Vietnam’s economic growth will decline sharply to 4.8 percent in 2020 but bounce back up to 6.8 percent in 2021, provided the pandemic is contained. Foreign direct investment in Vietnam achieved $15.67 billion in H1 2020, … Vietnam is set to end 2020 as one of the world’s fastest-growing economies, according to the International Monetary Fund, and one of the few economies in Southeast Asia to exhibit any growth at all. The communist state has long been among Asia’s fastest-growing economies, and the 2020 figure marked a sharp fall from last year’s GDP growth of seven percent. The government sets up delegations to inspect public investment disbursement. Since 2010, Viet Nam’s GDP growth has been at least 5% per year, and in 2017 it peaked at 6.8%. Prudential Vietnam reaffirmed a year of sustainable growth and enhancements in its business operations in 2020 while continuing to prioritise the health and wealth of customers and contribute to the country’s economic development. Chart: Ngoc Thuy “As the Covid-19 situations remains complicated around the world, such a positive economic growth could be seen as a major achievement of Vietnam,” stated the GSO. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. In the first nine months of 2020, Vietnam’s GDP growth was estimated at 2.12%, the lowest 9-month growth rate in the past 10 years amid the Covid-19 crisis, according to official data. Vietnam: Industrial output records quickest growth since February in November November 29, 2020 Industrial production increased 9.2% year-on-year in November (October: +3.9% yoy). This is according to Vietnam prime minister Nguyen Xuan Phuc in a national meeting recently on 2 Jul. Label. License: CC BY-4.0 Line Bar Map. For this year, the industry has set a target revenue of VND188.73 trillion (US$8.1 billion), according to a report by Vietnam News. For this year, the Vietnamese government targets economic growth of 2% in normal conditions and 2.5% if favorable factors emerge. Looking ahead to the longer term, Vietnam … The growth Vietnam has seen in the recent past is expected to continue, however, at an increasingly slower rate. Source: VIRAC, GSO. Average consumer prices rose 3.23%. GDP Growth of Vietnam. 317/km² (43rd) Land Area. Vietnam is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization. Vietnam's 2020 economic growth slips to 30-yr low due to COVID-19 Back to video. Vietnam will be one of the few nations worldwide to record positive economic growth in 2020 despite a global collapse in trade, travel and investment caused by the Covid-19 pandemic. (Vietnamese source is here). Outlook for 2020. Source: World Bank : Growth, Growth per capita: IMF World Economic Outlook (October-2020) Date: 01 Jan 2021 : Top Statistics GDP ranking 2021.
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