Vietnamese economic growth in 2020 among world’s highest
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GSO Director General Nguyen Thi Huong at the event (Photo: VNA)

Speaking at a press conference organized by the GSO under the Ministry of Planning and Investment in Hanoi on December 27 to announce the country's socio-economic results in Q4 and the whole year, Huong said the consumer price index (CPI) in December went up 0.1 percent month-on-month and 0.19 percent year-on-year. The 2020 CPI rose by 3.23 percent from 2019 while basic inflation climbed by 2.31 percent annually, VNA reported.

Explaining the price hike this year, the Director of the GSO’s Price Statistics Department Do Thi Ngoc said due to high shopping demand during the Lunar New Year (Tet) Festival from January-February, food prices increased by 4.51 percent annually, bringing up the CPI by 0.17 percent. Pork prices also moved up the CPI by 1.94 percent due to unstable supply.

Rainfall and floods in the central region during October-November also hiked prices of fresh, dried and processed vegetables.

Other increases were also seen in the prices of medical supplies and education services.

Meanwhile, falling prices in oil and gas, flight tickets and electricity due to the COVID-19 pandemic curbed the CPI rise.

According to the GSO, basic inflation dropped from 3.25 percent in January to 0.99 percent in December, which proved the efficiency of the State Bank’s monetary policy this year.

Vietnam's economic growth is also the world's top highest amidst COVID-19

In addition, with a GDP growth rate of 2.91%, Vietnam’s economic growth is considered among world’s highest in 2020.

"This is the lowest GDP growth level in the 2011-2020 period. However, given the negative impacts of the Covid-19 pandemic, it is considered a success for Vietnam, with the growth rate among the world’s highest," said Nguyen Thi Huong, head of the GSO.

Workers make fillets of catfish at a factory in the southern city of Can Tho. (Photo: Reuters)

Vietnam’s growth rate in 2020 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.

A GSO report says agriculture, forestry and aquaculture grew 2.68 percent, manufacturing and construction 3.98 percent, and the services sector 2.34 percent.

While the Covid-19 pandemic wreaked socio-economic havoc, the services sector has tanked, several commercial and consumer services enjoyed growth in the last months of 2020. Domestic transportation is recovering, while international transportation and tourism services are still in the doldrums.

Photo for illustration (Source: tapchitaichinh.vn)

The value of imported and exported goods this year rose 5.1 percent year-on-year to $543.9 billion. In this, exports and import values rose 6.5 percent and 3.6 percent year-on-year to $281.5 billion and $262.4 billion, respectively. This helped the country compile a trade surplus of $19.1 billion, the highest since 2016, VNExpress reported.

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, said VOV.

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