Vietnam succeeds in economic recovery, GDP increases by 2.12%

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A press conference to announce socio-economic statistics in September and the first nine months of 2020.

According to Nguyen Thi Huong, Director General of the General Statistics Office, Vietnam’s socio-economic situation in the first nine months of 2020 took place in the context of of the Covid-19 pandemic which has seriously affected all socio-economic activities.

Domestically, the Covid-19 pandemic had complex and unpredictable developments, slowing growth in almost all sectors and fields.

Facing this situation, the Government and Prime Minister give timely instructions to ministries, sectors and localities to implement measures to suppress the pandemic, ensure people's health, prevent economic decline,maintain social stability and make best efforts to achieve socio-economic development goals and tasks in 2020.

She said GDP in the third quarter of 2020 was estimated at a year-on-year increase of 2.62%, the lowest rate of the third quarter of years in 2011-2020.

"The Covid-19 pandemic was strictly contained and the economy has gradually re-operated in new normal conditions, so the GDP in the third quarter of 2020 grew prosperously compared to the second quarter of 2020, of which agriculture, forestry and fishery sector grew 2.93%; the industry and construction grew 2.95%; the service sector grew 2.75%, exports of goods and services grew 2.86%; and imports of goods and services grew 1.88%," said Huong.

GDP in the first nine months of 2020 was estimated to increase by 2.12% (in first quarter, it rose by 3.68%; in the second quarter by 0.39%; in the third quarter by 2.62%) from the same period last year.

“Although it is the lowest growth rate of the nine months of the years in the 2011-2020 period, in the context of the Covid-19 pandemic that seriously affects all socio-economic aspects of the countries in the world, this is a great success of our country in disease prevention, economic recovery and development,” Huong said.

Amid the complex developments of the Covid-19 pandemic, Vietnam’s economy remained positive growth, showing the lucid directions and operations for economic recovery, disease prevention and determination, unanimity of the entire political system, the Government, the Prime Ministerand the efforts of the people and the business community to effectively implement the goal of pandemic prevention and socio-economic development.

The agriculture, forestry and fishery sector increased by 1.84%, contributing 13.62% to general growth; the industry and construction sector 3.08%, contributing 58.35%; and the service sector 1.37%, contributing 28.03%.

Huong said that the agriculture, forestry and fishery sector in the first nine months of 2020 experienced a low growth compared to the same period last year due to the impact of climate change, the Covid-19 pandemic and African swine fever.

In the industry and construction sector, the industry in the first nine months of 2020 increased by 2.69% from the same period last year, much lower than the growth rate in the 2011-2020 period, contributing 0.91% to the growth of the economy.

The processing and manufacturing industry increased by 4.6%, which was lower than the growth rate of the same period of years in 2011-2020, contributing 1.02 %.

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In the first months of 2020, the pandemic has seriously affected trade, services and import-export activities. The service sector in the nine months achieved the lowest growth rate of the same period of years in 2011-2020.