Vietnam's Gross Domestic Product (GDP) rose 212% in the first nine months of this year over the same period last year, according to a report released by the Ministry of Planning and Investment on September 29.
Although it is the lowest growth rate for this nine-month period in 2011-2020 in the context of a COVID-19 epidemic that has seriously affected socio-economic aspects in almost all nations, the growth rate is considered Vietnam's success in terms of its effective control of the epidemic, as well as its economic recovery and development.
In terms of the general growth of the economy, the agro-forestry and fishery sector increased by 184%, contributing 1362% to the general uptrend.
The industry and construction sector increased 308% and contributed 5835% while the service sector increased by 137%, contributing 2803%.
Regarding the economic structure in the first nine months of 2020 the agro-forestry and fishery sector accounted for 1405%; industry and construction accounted for 3316%; the service sector accounted for 4273%; product tax minus subsidies accounted for 1006%.
In the first nine months of 2020 final consumption increased by 086% over the same period in 2019; asset accumulation picked up by 339%. The export of goods and services rose 0.9%; while the importing of goods and services decreased by 125%.
According to Nguyen Thi Huong, Director General of the General Statistics Office of Vietnam, GDP in the third quarter of 2020 was estimated to have increased by 262% over the same period last year, the lowest increase in the third quarter of any year during the 2011-2020 period.
As the COVID-19 epidemic was gradually and effectively controlled, the economy returned to normal operations in the “new normal”, GDP in the third quarter of 2020 had a relatively prosperous growth compared to the second quarter of 2020; of which, the agro-forestry and fishery sector increased by 293%; industry and construction by 295%; service sector by 275%; product tax minus subsidies by 070%.
In the third quarter of this year, final consumption surged by 119% over the same period last year and asset accumulation picked up 579%. Exporting goods and services rose 286%; while importing goods and services rose 188%.
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