Vietnam economy grows by 2.91% in 2020 despite COVID-19 impact: GSO

Achieving an economic growth rate of 2.91% in 2020, Vietnam's GDP is of the highest in the world. (Photo: Ministry of Industry and Trade)

“It is the lowest growth rate in the 2011-2020 period……but this is a great success of Vietnam in the context of the complicated developments of COVID-19, which has negatively affected all socio-economic fields,” stressed Nguyen Thi Huong, GSO director.

According to the GSO, Vietnam’s growth rate in 2020 is of the highest in the world, which testifies to the absolute determination of the entire political system, the Government, the Prime Minister, as well as all-out efforts by the people and the business community to effectively realize the dual goal of epidemic prevention and economic recovery.

For other economic indicators, Vietnam has enjoyed a record trade surplus of US$19.1 billion this year, the highest figure since 2016. Overall, the total trade revenue hit US$543 billion, up 5.1% from the previous year. Of the total, exports brought back US$281.5 billion, up 6.5%, while imports were valued at US$262.4 billion, up 3.6%.

The country has also succeeded in keeping inflation in check, increasing 3.23% compared to 2019, a figure which is lower than the 4% estimate.

The Government has set a target of securing a GDP growth rate of approximately 6% in 2021. It is a challenging task for Vietnam, according to the GSO, as the Vietnamese economy’s openness is comparatively big, making it vulnerable to any market fluctuations, alongside drastic changes in the regional and global geopolitical landscape.

In addition, the COVID-19 pandemic is not over yet, which is expected to exert further negative impact on all economies, including Vietnam.