GDP grows 25.4% after reassessment: GSO
Vietnam’s annual gross domestic product (GDP) in the 2010-2017 period after reassessment increased 25.4%, equivalent to VND935 trillion, from the previously announced figure, stated Nguyen Bich Lam, head of the General Statistics Office.
At a press briefing to announce the results of a reassessment of the country’s GDP in the 2010-2017 period, held on December 13, Lam noted that 2011 had seen the largest increase of 27.3% and 2015, the smallest, at 23.8%, the local media reported.
As for sectors, the value of the agro-forestry-fisheries sector increased by VND25 trillion to VND46 trillion per year, or 5.4%-6.2%, over previously announced figures. Meanwhile, the manufacturing and construction sector saw an annual rise of VND211 trillion to VND555 trillion, and the service sector, VND316 trillion to VND615 trillion.
The GDP reassessment reflects the structure of the economy, including hikes in the proportions of the manufacturing, construction and services sectors and a reduction in those of the agro-forestry-fisheries sector.
Lam attributed the GDP increase to the local economy’s volatilities and State policies to promote the development of the private sector. The conversion of household businesses into firms has led to the rapid growth of enterprises, which has yet to be included in the relevant agencies’ statistics.
The GDP reassessment is aimed at providing better insight into the country’s economy and reviewing the effectiveness of economic development policies. In addition, the task will help build socioeconomic development strategies for the 2021-2030 period.
Kamal Malhotra, a resident coordinator of the United Nations in Vietnam, remarked that the GDP reassessment is popular in many countries worldwide, helping their governments better stabilize the macroeconomy and their enterprises to work out specific production and business plans.