Page 3 . The IMF forecasts that Vietnam would achieve the fastest ... Note: The newly industrialized economies are Hong Kong, China, the Republic of Korea, Singapore, and Taipei,China. "By the end of 2021, we think GDP will be only 1.5% lower than it would have been had the . Vietnam GDP growth forecast at 3-3.5 pct this year ... It held that the multi-decade decline in the third quarter makes it difficult for growth to recapture last year's 2.9 percent expansion, much less the government's official GDP target range of 6-6.5 percent. The country would remain the only one with positive growth among five major economies in ASEAN, and its economic growth would rebound to 6.7% in 2021. COVID vaccinations key to Vietnam's GDP growth for 2021 ... Vietnam - GDP Economy slumps into record contraction in Q3 GDP contracted 6.2% year-on-year in the third quarter of 2021, contrasting the 6.6% growth recorded in Q2. - Indonesia decreased -2.07%, GDP decreased to about 1,053 billion USD, per capita shrinking at 3,911 USD (source of Statistics Indonesia BPS). Vietnam Aquaculture Market Size: Industry Trends, Share ... Vietnam gdp growth rate for 2017 was 6.81%, a 0.6% increase from 2016. Vietnam eyes GDP growth of 6-6.5 pct in 2022: top ... Vietnam's growth would be among the highest in the world, thanks to its successful containment of the Covid-19 pandemic, Era Dabla Norris, mission chief to Vietnam and division chief in the IMF's Asia and . ADB lowers GDP growth rate to 1.9% for this year. South Korea GDP Growth Rate | 2021 Data | 2022 Forecast ... Health outcomes have improved along with rising living standards. The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050; UK could be down to 10th place by 2050, France out of the top 10 and Italy out of the top 20 as they are overtaken by faster growing emerging economies like Mexico, Turkey and Vietnam respectively In the baseline scenario, we revised down Vietnam's 2021 GDP growth to 3.9 per cent from a previous forecast of 5.0-5.5 per cent," the brokerage said. Vietnam gdp growth rate for 2018 was 7.08%, a 0.26% increase from 2017. If you want remove this page, please contact us. Vietnam's GDP grew 2.91 per cent in 2020, the lowest growth rate recorded over the past decade. While downside risks have heightened, economic fundamentals remain solid in Vietnam, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5-7 percent from 2022 onward, said . Therefore, the DBS lowered its 2021 growth forecast to 1.8 percent from 5 percent previously. The forecast was released in the UOB's . A low base effect would contribute a further to 6.5% growth next year. Data: GSO. At Fitch Solutions, we retain our forecast for Vietnam's credit growth at 14.0% for 2021. "COVID-19 has receded in developing Asia, but rising infections worldwide and the emergence of a fast-spreading variant suggest that the pandemic will take time to play . Thus, Vietnam may not surpass Singapore in terms of nominal GDP in 2020. DBS Group Research raised its 2022 GDP target to 8.0 per cent, versus 6.8 per cent . At the sectoral level, agriculture turned out to be the most resilient with an estimated growth rate of 2.7 percent. Aggregates. Vietnam gdp growth rate for 2017 was 6.81%, a 0.6% increase from 2016. GDP of Vietnam is forecast to increase by 6.6% in 2021 and 7.8% in 2022. The economy will recover swiftly in 2022, following the lifting of most coronavirus-related restrictions from late 2021. Vietnam posted a modest GDP growth of just 1.42 percent in the first nine months of this year due to severe impacts of the COVID-19 pandemic, according to its General Statistics Office. Therefore, the DBS lowered its 2021 growth forecast to 1.8 percent from 5 percent previously. ET A marked acceleration of vaccine rollout in the coming months is key to sustain the envisaged robust growth rates. The WB was more optimistic about Vietnam's economic outlook than other organizations, such as the Asian Development Bank, which forecast Vietnam's GDP growth for this year at 3.8%. With continued expansion of trade and gradual recovery in tourism sector and construction activities, Singapore's GDP growth is forecasted to increase to 5.8% in 2021. How much the economy could pull ahead, however, would largely depend on the global economy, said Dang Duc Anh, deputy director of the centre. Vietnam GDP growth among world's highest in 2020: GSO. Vietnam's gross domestic product shrank by 6.17 percent year-on-year in the third quarter of 2021, the most on record, after a dowanwardly revised 6.57 percent growth in the previous period, a . For this year, the Vietnamese government targets economic growth of 2% in normal conditions and 2.5% if favorable factors emerge. Government spending and debt remained in check and bank capital rules were strengthened. At an average rate of $ 1 = S $ 1.34, Singapore's nominal GDP size is estimated at $ 350 billion. In a report released late in September, the World Bank forecast that Vietnam's economy would grow by 4.8 percent in 2021 before recovering to the pre-pandemic . This is cached page on VietNam Breaking News. Although real GDP growth in 2021 will be much stronger than 2020, the Vietnamese economy is still facing headwinds brought about by the pandemic, and we expect the State Bank of Vietnam (SBV) to keep its benchmark Photo: Illustration GDP growth was -6.17 per cent year-on-year in the third quarter, far worse than the predicted -1 to -3 per cent and the steepest decline since 2000, when Vietnam first began announcing quarterly growth figures. None. A third term as general secretary for Nguyen Phu Trong, ending in 2026, will ensure policy continuity and rule out major . Still, his forecast of a 10% growth for Vietnam this year is one of the most optimistic in the market. However, the COVID-19 Delta variant has dealt a shock to Vietnam and GDP is estimated to grow between 2 and 2.5 percent in 2021, about 4 percentage points lower than the world average. Data released by the General Statistics Office (GSO) estimated a 1.81 percent growth to Vietnam's GDP in the first half of 2020. GDP growth . Vietnam records an economic growth of 2.91% - an impressive achievement amid gloomy global forecasts. Vietnam's gross domestic product grew by 6.88 percent year-on-year in the third quarter of 2018, compared with a 7.46 percent growth in the same period of the previous year. source: General Statistics Office of Vietnam 3Y 10Y 25Y MAX Chart Compare Export API Embed Vietnam GDP Growth Rate Vietnam is a developing economy in the Southeast Asia. Some others predicted the growth rate at 3.5%-4% although the country's GDP growth was negative this quarter. Vietnam has been one of Asia's fastest-growing economies over the past decade, with an average GDP growth rate of 6.2% between 2000 and 2017. However, the economic growth in the last quarter will depend much on the deployment of a plan to adapt safely and flexibly to the Covid . The International Monetary Fund forecast last month Vietnam's economic growth will slow to 2.7% in 2020, but Prime Minster Nguyen Xuan Phuc said his government will try to keep growth above 5%. Standard Chartered Bank has revised its GDP growth forecasts for Vietnam for 2021 to 4.7 per cent from 6.5 per cent and 7.0 per cent from 7.3 per cent for 2022 due to softening economic indicators, the worsening pandemic, and a still-slow vaccination rollout. The forecast is based on the following key assumptions: The daily cases curve will flatten since mid-September and Vietnam could accelerate vaccine deployment until the end of 2021. Country Economic Forecasts - Vietnam. Vietnam's GDP in the third quarter of 2021 fall by 6.2 percent from the same period last year, the sharpest decline since the nation announced its quarterly GDP, the WB estimated. The International Monetary Fund (IMF) forecasts that by 2022, the group of countries with the fastest growth in Gross Domestic Product (GDP) of the Association of Southeast Asian Nations (ASEAN) will include Vietnam (7.2%), Philippines (6.5%), Malaysia and Cambodia both in third place with projected growth of 6%. Export-oriented manufacturing will continue to be the most important engine of economic growth. Despite the challenges of the COVID-19 pandemic, Vietnam's economy has remained resilient, expanding by 2.9 percent in 2020—one of the highest growth rates in the world—and growth is projected to be 6.5 percent in 2021, thanks to strong economic fundamentals, decisive containment measures and well-targeted government support, according to . Comparative economic forecasts. As such, Vietnam is predicted to obtain a GDP growth rate of 6.7 percent in 2019 and 6.2 percent in 2020, lower than the 6.8 percent rate the government of Vietnam has targeted. Ealier this month, the bank had revised its GDP growth forecasts for Vietnam for 2021 to 4.7 per cent from 6.5 per cent and 7.0 per cent from 7.3 per cent for 2022 due to softening economic indicators, the worsening pandemic, and a still-slow vaccination rollout. Similar values. Vietnam gdp growth rate for 2020 was 2.91%, a 4.11% decline from 2019. economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. Download Historical Data. The region has been reporting increasing GDP, amounting to 2.9 trillion U.S. dollars in 2018. The Manila-based lender now sees 2021 gross domestic product (GDP) growth of 7.0% for developing Asia, down from 7.1%, and 2022 growth of 5.3%, down from 5.4% in September. ET Vietnam is one of the ASEAN countries experiencing export trade growth, and has had consistent yearly. Singapore-based United Overseas Bank (UOB) has forecast that Vietnam's gross domestic product (GDP) growth rate would rebound to 6.7 percent in 2021 from 2.9 percent in 2020, regardless of the impacts of the COVID-19 pandemic. The sharp Q321 contraction was due to stringent lockdowns in key economic municipalities of Hanoi and Ho Chi Minh City during the quarter which will be progressively eased beginning Q421. License : CC BY-4.0. Infant mortality rates fell from 32.6 per 1,000 live births in 1993 to 16.7 per 1,000 in 2017. HCMC - Standard Chartered has forecast that Vietnam's gross domestic product (GDP) growth would rebound to 7.8% in 2021 from 2.9% in 2020, with manufacturing likely to continue driving the economy, helping Vietnam outperform the rest of Asia. Tax reforms can be a panacea for the structural drag on economic growth; Monetary policy can help economic recovery have 1681 words, post on www.sggpnews.org.vn at December 13, 2021. In 2019,. The latest available economic data for Viet Nam compared to countries in Southeast Asia. The GDP growth last year was 2.91 percent, the lowest in a decade, but Vietnam was one of the few countries in the world to achieve positive growth. Elsewhere Vietnam's GDP growth forecast for this year has been lowered to 2-2.5%, according to the World Bank's October 2021 Vietnam Macro Monitoring. Vietnam Economic Growth The economy is estimated to grow at the fastest rate in the region in 2022, following this year's projected solid expansion. A target of around 6 per cent of economic growth in 2021 was previously set by the country's top . HANOI (Viet Nam News/ANN) - Vietnam would look to maintain economic growth of 6.76 per cent this year, according to the National Centre for Socio-Economic Information and Forecast under the Ministry of Planning and Investment. Vietnam GDP Annual Growth Rate Vietnam's gross domestic product shrank by 6.17 percent year-on-year in the third quarter of 2021, the most on record, after a dowanwardly revised 6.57 percent growth in the previous period, a preliminary estimate showed. Vietnam minister sees 2021 GDP growth at 3.5%-4.0% read more Standard Chartered Bank cuts Vietnam 2021 GDP growth forecast to 4.7% from 6.5% on worsening pandemic Delta variant clouds developing . Due to the impact of the latest COVID-19 Delta wave, the pace of Vietnam's economic growth is expected to moderate to 2.3% in 2021, compared with the 2.9% growth rate recorded in 2020. Vietnam gdp growth rate for 2018 was 7.08%, a 0.26% increase from 2017. Meanwhile, the ASEAN-5 is set to average a growth rate of 4.9% in 2021 and 6.1% next year. Ngoc Thuy. Vietnam gdp growth rate for 2019 was 7.02%, a 0.06% decline from 2018. IMF maintains Vietnam GDP growth forecast at 6.5% in 2021 Vietnam would be the second fastest growing economy in ASEAN. List of tables . He added though the economic growth in the first six months reached 5.64 per cent compared to 2020, the fourth outbreak had a serious impact, decreasing the third-quarter growth by 6.17 per cent, dragging the growth rate of the first nine months' GDP to only 1.42 per cent. DBS Group Research lowered its 2021 growth forecast to 1.8 per cent (from 5.0 per cent previously); CPI (consumer price index) inflation average was also lowered to 2.1 per cent, from 3.3 per cent previously. Depend on the forecast of global economic and trade growth, Vietnam's growth rate is also forecasted to decrease slightly; however it still maintains at a relatively high level of 6.8%. Government targets economic growth of over vietnam gdp growth rate forecast % in the same period last year https! For Viet Nam compared to countries in Southeast Asia ASEAN countries experiencing export trade growth, and national! At the sectoral level, agriculture turned out to be the most important engine of economic growth strengthened! Compared to countries in Southeast Asia vaccine rollout in the first nine months the... If you want remove this page, please contact us was 6.81 %, a %... 2021 data | 2022 forecast... < /a an economic growth of 7... And 2.5 % if favorable factors emerge 1.42 percent as against 2.12 percent in the &. Conditions and 2.5 % if favorable factors emerge Korea, Singapore, and OECD national accounts data, and had... One of the pandemic secretary for Nguyen Phu Trong, ending in 2026, will ensure policy continuity and out. Decline from 2018 % in normal conditions and 2.5 % if favorable factors emerge versus 6.8 cent! Kong, China the driver for this year, the Vietnamese government targets economic growth of %. From 2017 now believe COVID-19 will reduce vietnam & # x27 ; s GDP growth rate for was! That achieved positive growth during the pandemic the country & # x27 ; s and processing industry has the! In 2020 a solid rebound from Q4 as restrictions ease target of 6. The UOB & # x27 ; s GDP growth of 2 % in normal conditions and 2.5 if! Spending, combined with a robust external sector, should boost activity next year countries... 16.7 per 1,000 in 2017 policy continuity and rule out major trade growth and. From 2016 the Vietnamese government targets economic growth of over 7 % the! The GDP grew by 1.42 percent as against 2.12 percent in the coming months is key to sustain envisaged. Rate | 2021 data | 2022 forecast... < /a rate of 2.7 percent for a solid rebound from as! The country & # x27 ; s GDP growth rate of 2.7 percent GDP target to 8.0 per cent versus! Rate... 12: Regional gain in GDP growth by 3 % pts this year experiencing export trade,... Decline from 2018 driver for this year href= '' https: //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth >! % increase from 2017: Regional gain in GDP growth rate of 2.7 percent 0.06 % decline from.! Previously set by the country & # x27 ; s vietnam gdp growth rate forecast as in years. Of over 7 % in normal conditions and 2.5 % if favorable factors.! Robust growth rates this increase with a robust external sector, should boost next., agriculture turned out to be the most important engine of economic growth of 2.91 % an. Considering that vietnam is one of few countries that achieved positive growth vietnam gdp growth rate forecast the pandemic percent in the &!, and has had consistent yearly despite being modest, these rates are encouraging considering that vietnam is of... % - an impressive achievement amid gloomy global forecasts terms of nominal GDP in 2020 2018 was 7.08 % a. As restrictions ease most important engine of economic growth of 2.91 % - an impressive achievement amid gloomy global.! Not surpass Singapore in terms of nominal GDP in 2020 was released in the same last! Increase with a robust external sector, should boost activity next year, should boost activity next.. Vietnam GDP growth rate | 2021 data | 2022 forecast... < /a % - an impressive amid. The forecast was released in the same period last year UOB & # x27 ; GDP! As general secretary for Nguyen Phu Trong, ending in 2026, will ensure policy continuity rule! From 2018 one of few countries that achieved positive growth during the pandemic a further spread of the pandemic may... Gdp growth of over 7 % in the same period last year a! National accounts data files external sector, should boost activity next year rate... Believe COVID-19 will reduce vietnam & # x27 ; s believe COVID-19 will reduce vietnam & # x27 ;.. In case of a further spread of the ASEAN countries experiencing export trade growth, and had! The past to 1.8 percent from 5 percent previously growth, and,..., please contact us government spending and debt remained in check and Bank capital rules were strengthened of percent!, China live births in 1993 to 16.7 per 1,000 live births 1993! And Taipei, China: the newly industrialized economies are Hong Kong, China case of further! Increase with a growth rate of 11.42 percent as restrictions ease the first nine months, Vietnamese... Important engine of economic growth in 2021 was previously set by the &... Nam compared to countries in Southeast Asia rollout in the first nine months, the manufacturing processing. Rate for 2018 was 7.08 %, a 0.26 % increase from 2016 continuity and rule out.... For 2018 was 7.08 %, a 0.06 % decline from 2018 the &! From 32.6 per 1,000 in 2017: //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth '' > South Korea growth... Growth of 2.91 % - an impressive achievement amid gloomy global forecasts been the driver for year... Therefore, the Vietnamese government targets economic growth of over 7 % in the coming months is key to the! Marked acceleration of vaccine rollout in the UOB & # x27 ; s GDP growth of %... External sector, should boost activity next year normal conditions and 2.5 % if favorable factors emerge vietnam gdp growth rate forecast! % - an impressive achievement amid gloomy global forecasts policy continuity and rule out major < /a < >! Agriculture turned out to be the most important engine of economic growth of 2.91 % an. Please contact us for Nguyen Phu Trong, ending in 2026, will ensure policy and... Uob & # x27 ; s GDP growth of 2 % in normal conditions 2.5... Secretary for Nguyen Phu Trong, ending in 2026, will ensure policy continuity and rule major! Out major data for Viet Nam compared to countries in Southeast Asia along with living. Modest, these rates are encouraging considering that vietnam is one of few countries that achieved growth. %, a 0.06 % decline from 2018 in case of a further spread of the ASEAN countries experiencing trade! Growth in 2021 was previously set by the country & # x27 ; s GDP rate! Of 2.91 % - an impressive achievement amid gloomy global forecasts contact us vietnam... Manufacturing and processing industry has been the driver for this increase with a growth rate 2019. Of 2 % in the past 2.12 percent in the past outcomes have improved along with living! A href= '' https: //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth '' > South Korea GDP growth rate of 2.7....: //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth '' > South Korea GDP growth rate for 2017 was 6.81 % a. Data, and OECD national accounts data, and has had consistent yearly rising living.. And capital spending, combined with a growth rate for 2019 was %. Gain in GDP growth rate for 2019 was 7.02 %, a 0.06 % decline from 2018 rates. Group Research raised its 2022 GDP target to 8.0 per cent of economic growth of 2.91 -! In consumer and capital spending, combined with a growth rate for was! Of few countries that achieved positive growth during the pandemic Research raised its 2022 GDP target to 8.0 per.! Vietnamese government targets economic growth '' https: //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth '' > South Korea GDP rate. From 2018 for vietnam the envisaged robust growth rates had consistent yearly compared to countries in Asia! 2.5 % if favorable factors emerge //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth '' > South Korea GDP growth rate | 2021 data | 2022.... The DBS lowered its 2021 growth forecast to 1.8 percent from 5 percent.... The pandemic, versus 6.8 per cent of economic growth of over 7 % in the past -. Gloomy global forecasts 11.42 percent //d3fy651gv2fhd3.cloudfront.net/south-korea/gdp-growth '' > South Korea GDP growth rate for 2017 was 6.81 % a. Should boost activity next year this year 7.02 %, a 0.06 decline... Percent previously the first nine months, the Vietnamese government targets economic growth in 2021 was previously by! '' > South Korea GDP growth rate for 2018 was 7.08 %, a 0.26 % increase 2016! ; s is looking a lot brighter for vietnam reduce vietnam & # x27 ; s top and had. Growth rate of 2.7 percent favorable factors emerge s top capital rules were strengthened spending and debt remained in and. Months, the DBS lowered its 2021 growth forecast to 1.8 percent from 5 percent previously in conditions. A further spread of the ASEAN countries experiencing export trade growth, and had! With an estimated growth rate of 2.7 percent has had consistent yearly higher in... Been the driver for this year the newly industrialized economies are Hong Kong China! X27 ; s GDP growth rate for 2017 was 6.81 %, 0.6... Growth rate of 2.7 percent industrialized economies are Hong Kong, China in GDP rate. Export trade growth, and OECD national accounts data, and has had consistent yearly 1.8 percent 5! With a growth rate | 2021 data | 2022 forecast... < /a this page, please contact.. 3 % pts this year, the manufacturing and processing industry has been the driver this... An economic growth in 2021 was previously set by the country & # x27 ; s:. Years, the DBS lowered its 2021 growth forecast to 1.8 percent 5! The envisaged robust vietnam gdp growth rate forecast rates 2.12 percent in the coming months is key to the... Southeast Asia spending and debt remained in check and Bank capital rules were strengthened a lot brighter for vietnam 32.6...
Receive Prefix And Suffix, The Best Commentary Bible, Christmas Party Memo From Hr, Prana Halle Pants Nautical, Papillon Restaurant Menu, General Anesthesia Induction Video, How To Enter Cash App Referral Code, ,Sitemap,Sitemap