Vietnam’s GDP up by 25.4% per year during 2010-2017 after revision

Saturday, 2019-12-14 11:32:05
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NDO – Following a re-assessment, the gross domestic product (GDP) of Vietnam increased by an average of 25.4% annually during the 2010-2017 period, the General Statistics Office (GSO) announced at a press conference on December 14.

GSO Director Nguyen Bich Lam said the GDP revision is aimed to accurately reflect the economic picture and the effectiveness of economic policies.

He noted that the results will be used in setting targets for the 2021-2030 socio-economic development strategy and the 2021-2025 socio-economic development plan, adding that they will not be used to evaluate the fulfilment of targets during previous periods.

Revision results show Vietnam’s GDP had the largest growth in 2011 at 27.3%, while the smallest was at 23.8% in 2015.

In 2017, GDP was updated to VND6,294 trillion (US$270 billion) from the previously announced figure of VND5,006 trillion.

The revised figures also show a marked shift in the economic structure, with farming’s contribution down from 17.4% to 14.7%. The shares of industrial production and services went up from 33.0% and 39.2% to 34.8% and 41.2%, respectively.

The contribution of taxes minus subsidies dropped from 10.4% to 9.3%.

According to the GSO, the GDP figures were revised up due to several reasons, including additional information, a revision of economic sectors and updated methodology.