JavaScript is off. Please enable to view full site.

Vietnam to revise how it measures GDP to match intl' norms

Vietnam to revise how it measures GDP to match intl' norms

Saturday, August 17, 2019, 13:51 GMT+7
Vietnam to revise how it measures GDP to match intl' norms
A woman looks through a magnifying glass to check the errors of a printer circuit board at Manutronics Factory in Bac Ninh province, Vietnam, May 30, 2018. Photo: Reuters

HANOI, Aug 16 - Vietnam is revising the way it measures gross domestic product to meet international norms and better reflect the real size and structure of the economy, the government said on Friday.

The Southeast Asian nation has one of the region’s fastest-growing economies, with robust exports and foreign investment delivering average economic growth of 6.55 percent over the past five years.

The General Statistics Office will revise how it measures GDP with help from experts at the International Monetary Fund and United Nations, the government said in a statement.

“Though Vietnam’s statistics input has been improving, it remains insufficient for calculating annual GDP,” the government said, adding that recent strong private sector growth has not been fully reflected in its statistical data.

The revision will likely result in a significant increase in the size of Vietnam’s GDP, which rose 7.08 percent last year to more than $240 billion, the government said.

The move will also likely result in changes to the structure of the economy, with a possible increase in the proportion of the manufacturing and construction sector and a decline in the proportion of the agriculture sector, the government said.

Vietnam targets an annual GDP growth of 6.5-7.0 percent a year during the 2016-2020 period. ($1 = 23,214 dong) 

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!



Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news