Vietnam posts remarkable economic achievements in 2016-2020 period

Vietnam's economy has gained many important and comprehensive achievements in the 2016-20 period, helping highlight the country’s success in 35 years of Doi moi (Renewal) process.

From a country with a trade deficit, Viet Nam has successfully balanced imports and exports, even gaining a trade surplus. — Photo bnews.vn

Assessing the Vietnamese economic achievements, many international organisations have recently noted Viet Nam as "a legendary story", "a rising star", or "the brightest economy” in Asia.

The country is considered the world's success story as its economic growth has been among the world's strongest over the past decade.

After 5 years of implementing the Resolution of the 12th National Congress of the Communist Party of Viet Nam, the country's economy has gained many important achievements and outstanding breakthroughs.

Restructuring the economy and renewing the growth model of Viet Nam in the direction of increasing the efficient use of all resources and based on quality in the 2016-19 period was one of the major policies of the Party and the State. The process took place and created more positive and substantial changes.

In four consecutive years from 2016 to 2019, Viet Nam completed and exceeded the set plans, which created momentum for the country to stand firm in hard times. The country is ranked in the group of countries with the highest economic growth in the world. Its macro economy has remained stable while institutional reforms have been accelerated. These achievements are thanks to the participation and actions of the business community and people, under the comprehensive leadership of the Party.

According to the Government's report on the country’s socio-economic growth in 2020 and the five years from 2016 to 2020, the economic growth rate in the 2016-19 period was quite high, averaging 6.8 per cent per year.

In 2020, although heavily affected by the COVID-19 pandemic, the growth rate still reached 2.91 per cent, helping Viet Nam be one of the fastest growing countries in the region and the world.

The country’s labour productivity in the 2016-20 period increased by 5.8 per cent, exceeding the set target, while the consumer price index decreased from 18.6 per cent in 2011 to below 4 per cent in the 2016-20 period. Its import and export increased 1.7 times, with a trade surplus posted for five consecutive years. E-commerce became an important distribution channel of the economy with an increase of 25 per cent. The country also saw its tourism sector grow nearly 30 per cent per year on average, reaching 18 million international visitors in 2019, an increase of more than 10 million compared to 2015.

Assessing the results of the country’s socio-economic development for the 2016-20 period, Assoc. Prof. Dinh Trong Thinh said though there were still shortcomings, the past five years saw Viet Nam succeed significantly in economic development.

Vietnam posts remarkable economic achievements in 2016-2020 period

Infographic Doan Tung

Viet Nam's economic structure transformed strongly in the past 5 years, with the private sector gradually becoming a driver to promote economic growth and contribute up to 40 per cent of the country’s GDP. The development is in the right direction, creating momentum for the economy to enter a growth trajectory.

In the past 5 years, especially in 2020, the implementation of digital transformation and the application of digital technology in the economy has grown strongly. This is considered the driving force to help the economy grow and increase labour productivity.

Not only gaining economic growth achievements, the country has also seen positive results in socio-cultural development. While social security has basically been ensured, people's lives have been continually improved with average income per capita reaching US$2,750.

Viet Nam’s GDP size last year increased by about 1.4 times compared to 2015. The country completed the national target programme on new-style rural area building nearly 2 years ahead of the roadmap, with about 63 per cent of communes nationwide meeting the programme’s standard by the end of 2020, against the set target of 50 per cent.

 

Notably, Viet Nam has gained outstanding achievements in the international integration process. According to Minister Nguyen Chi Dung, by 2020, Viet Nam has signed 15 free trade agreements and is negotiating two others. The country has 16 strategic partners, 11 comprehensive strategic partners and joined more than 500 bilateral and multilateral agreements in many fields. A total of 71 countries have so far recognised Viet Nam as a market economy.

Dr. Nguyen Duc Kien, Head of the Prime Minister's Economic Advisory Group, said with the spirit that Viet Nam was a friend and partner to all countries in the world, the nation has actively negotiated and signed many bilateral and multilateral free trade agreements.

International economic integration has boosted Viet Nam's international trade with rising import and export turnover. From a country with a trade deficit, Viet Nam has successfully balanced imports and exports, even gaining a trade surplus.

FTAs with major and developed economies in different geographical areas has helped Viet Nam diversify its external economic relations and have a more reasonable market structure, which is not too dependent on a certain market area.

Thanks to the achievements, Viet Nam has become an attractive destination for foreign investors as they saw the stability as well as the development potential of the country’s economy.

The prestige, role and position of Viet Nam have therefore also increased significantly in the international arena.

These achievements have been recognised and appreciated by the international community. According to the United Nations Development Program (UNDP), Viet Nam has created a "legendary story" in poverty reduction with its human development index (HDI) of 0.63 in 2019, ranked 118 out of 189 countries and in the group of countries with the highest HDI growth rate in the world.

Meanwhile, the International Monetary Fund (IMF) assessed that by 2020, Viet Nam could be ranked the fourth largest economy in ASEAN.

The country was ranked eighth in the list of the world's best economies to invest in 2019, up 15 places compared to 2018, and its competitiveness was ranked 67 out of 141 countries and territories by the World Economic Forum, up 10 places compared to 2018.

According to the United Nations Sustainable Development Report 2020, Viet Nam is the only Southeast Asian country to achieve five UN action targets, including measures to reduce CO2 emissions, promote renewable power and improve resilience to climate change.

The World Bank (WB) also reported from 2010 to 2020, the human capital index of Viet Nam increased from 0.66 to 0.69. The index continues to be higher than the average rate of countries with the same income level.

Thanks to the achievements, Viet Nam has still emerged as a remarkably bright spot in the context of the world economic slowdown in 2020 due to the COVID-19 pandemic. — VNS

Notable achievements during Vietnam’s 75 years

Notable achievements during Vietnam’s 75 years

This September marks 75 years since the Vietnamese people, under the leadership of the Communist Party of Vietnam (CPV), overthrew 80 years of French colonial rule.

12th Party Congress and achievements

12th Party Congress and achievements

The 12th Party Congress has been marked by a number of significant achievements.

 
 

Other News

.
Tax policies for property sector must be carefully studied: finance ministry
Tax policies for property sector must be carefully studied: finance ministry
BUSINESSicon  06/05/2021 

Tax policies for the real estate sector must be carefully studied and introduced at the appropriate time to ensure feasibility and limit speculation, according to the Ministry of Finance.

PAN Group entrusted with protection of ST24 and ST25 rice trademarks in int'l markets
PAN Group entrusted with protection of ST24 and ST25 rice trademarks in int'l markets
BUSINESSicon  06/05/2021 

The PAN Group has been authorised to register ownership rights for the ST24 and ST25 rice varieties in foreign markets and protect related trademarks.

Business health to come first in future wage date changes
Business health to come first in future wage date changes
BUSINESSicon  06/05/2021 

In addition to recommending against an increase in wages this year, many experts and businesses have also opposed proposals to change the timing of regional minimum wage changes from January 1 to July 

GDVC licenses Hateco Group’s customs clearance site for post and courier items
GDVC licenses Hateco Group’s customs clearance site for post and courier items
BUSINESSicon  06/05/2021 

The General Department of Vietnam Customs has issued Decision No.1189/QD-TCHQ to grant an operational license for the customs clearance site for post and courier items of Hateco Group. The site is located in Long Bien Inland Clearance Depot in Hanoi.

Value sharing and opportunities for Vietnamese suppliers in global value chain
Value sharing and opportunities for Vietnamese suppliers in global value chain
BUSINESSicon  06/05/2021 

Multinationals corporations and foreign-invested enterprises increasingly focus on sustainability in their cooperation with local suppliers, 

BOT investors face debt, heavy losses for massive loans
BOT investors face debt, heavy losses for massive loans
BUSINESSicon  06/05/2021 

Build-operate-transfer (BOT) investors are falling into a debt trap and incurring heavy losses due to a decline in the toll fee collection, 

Natural island estate attracts foreign investors
Natural island estate attracts foreign investors
BUSINESSicon  05/05/2021 

Not only attracting domestic customers, residential areas on natural islands also attract overseas Vietnamese and foreign investors thanks to convenient, classy and private ecological living spaces.

Samsung Vietnam wants to buy renewable energy directly from producers
Samsung Vietnam wants to buy renewable energy directly from producers
BUSINESSicon  05/05/2021 

Samsung Vietnam has asked the government for a renewable energy pilot project that will enable the company to buy electricity directly from producers, instead of through the monopoly distributor Vietnam Electricity.

UCC coffee quality contest aims at supporting VN coffee production and farmers
UCC coffee quality contest aims at supporting VN coffee production and farmers
BUSINESSicon  06/05/2021 

Through the annual UCC Coffee Quality Contest, UCC Group has been contributing to promoting and improving the quality of Vietnamese coffee, towards the goal of sustainable development.

Securities firms set high profit targets for 2021 on positive stock market
Securities firms set high profit targets for 2021 on positive stock market
BUSINESSicon  05/05/2021 

As the market benchmark VN-Index broke the psychological level of 1,200 points, along with many positive outlooks about the market, securities firms set big growth targets for 2021.

Vietnam Trade Office working to protect rice trademark in Australia
Vietnam Trade Office working to protect rice trademark in Australia
BUSINESSicon  05/05/2021 

The Vietnam Trade Office in Australia has said it has taken measures to protect Vietnamese rice trademarks after an Australian firm registered for trademark protection of rice varieties ST24 and ST25.

Copper production at the country’s largest mine
Copper production at the country’s largest mine
BUSINESSicon  05/05/2021 

During the holidays, workers at Sin Quyen and Tang Loong copper smelting factory in Lao Cai have still been on duty to manufacture and provide tonnes of 99.9% purity copper for electrical appliance production factories across the country.

Development of agri-food sector needs untying knots in mechanisms
Development of agri-food sector needs untying knots in mechanisms
BUSINESSicon  04/05/2021 

The agri-food industry has been maintaining high resistance to the Covid-19 pandemic, with the potential to boost economic recovery. It posted a growth of 4 percent in 2020, equivalent to a gross domestic product (GDP) contribution of US$3.7 billion.

Some 430 businesses leave market every day in Jan-Apr
Some 430 businesses leave market every day in Jan-Apr
BUSINESSicon  04/05/2021 

Some 430 businesses left the market, while only 368 new businesses were established on a daily basis from January to April 2021, according to the Ministry of Planning and Investment.

Vietnamese strategy: overcoming the pandemic, maintaining high economic growth
Vietnamese strategy: overcoming the pandemic, maintaining high economic growth
FEATUREicon  05/05/2021 

Vietnam’s economy is witnessing an impressive rebound and is expected to be among the best recovering economies in the world despite Covid-19 resurgence in neighboring countries.

Construction Ministry to cool down real estate market, prioritize affordable housing
Construction Ministry to cool down real estate market, prioritize affordable housing
BUSINESSicon  04/05/2021 

Minister of Construction Nguyen Thanh Nghi said the ministry will change the policies related to the development of affordable housing by adopting a new mindset.

VIETNAM BUSINESS NEWS MAY 5
VIETNAM BUSINESS NEWS MAY 5
BUSINESSicon  05/05/2021 

Rubber industry needs to develop production chain

European businesses’ confidence on Vietnam outlook reaches highest since Covid-19 emergence
European businesses’ confidence on Vietnam outlook reaches highest since Covid-19 emergence
BUSINESSicon  04/05/2021 

Vietnam is on the right path to achieving its twin goals of protecting health and promoting economic growth, stated Chairman of the European Chamber of Commerce in Vietnam (EuroCham).

'Nature - based' farming a winner in Mekong Delta
'Nature - based' farming a winner in Mekong Delta
BUSINESSicon  04/05/2021 

All of the delta’s 12 provinces and its major city, Can Tho, have been able to turn more unproductive rice fields into fruit tree and other crop...

Vietnam Airlines reports losses of nearly VND5 trillion in Q1
Vietnam Airlines reports losses of nearly VND5 trillion in Q1
BUSINESSicon  04/05/2021 

Vietnam Airlines incurred after-tax losses of nearly VND5 trillion in the first quarter of this year, surging over 90% year-on-year and the highest-ever losses recorded for a quarter, as the COVID-19 pandemic is emerging increasingly complicated.

 
 
 
Leave your comment on an article

OR QUICK LOGIN