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

.
Transport economics to drive Vietnam’s urban development
Transport economics to drive Vietnam’s urban development
BUSINESSicon  15/02/2021 

Transport projects are expected to improve overall accessibility and reduce transportation costs, in turn increase economic productivity and development.

Seafood industry expects to remain on growth path in 2021
Seafood industry expects to remain on growth path in 2021
BUSINESSicon  15/02/2021 

Despite facing difficulties due to the COVID-19 pandemic, seafood exports last year were estimated at US$8.58 billion, the same as in 2019.

Rice exports enjoy opportunities for breakthrough in 2021
Rice exports enjoy opportunities for breakthrough in 2021
BUSINESSicon  15/02/2021 

High hopes are pinned on Vietnam’s rice exports in 2021 when major export markets such as the Philippines and Africa continue to sign contracts to buy rice from Vietnam, 

Opportunities forecast for Vietnam’s economy in 2021: experts
Opportunities forecast for Vietnam’s economy in 2021: experts
BUSINESSicon  15/02/2021 

Apart from challenges, many opportunities will be offered to the Vietnamese economy in 2021, experts have said.

Born in the Year of the Buffalo
Born in the Year of the Buffalo
BUSINESSicon  15/02/2021 

'Buffalo' represents hard work, persistence and stability in the Vietnamese people's conception, and these characteristics are considered to apply to people born in the Year of the Buffalo [according to eastern zodiac].

Modern trade channels, e-commerce to further thrive: experts
Modern trade channels, e-commerce to further thrive: experts
BUSINESSicon  15/02/2021 

Modern and online shopping channels recorded strong growth last year and will continue to thrive this year, according to experts.

What to invest in this year?
What to invest in this year?
BUSINESSicon  14/02/2021 

With uncertainties caused by COVID-19 persisting, gold, stock, and real estate are still promising investments for Vietnamese investors in 2021.

Door opens to growing level of FDI
Door opens to growing level of FDI
BUSINESSicon  14/02/2021 

Vietnam’s effective control over the COVID-19 pandemic along with it signing a host of new free trade agreements has resulted in many global tech giants shifting their investment to the country.

Quang Ninh looks to become a strong marine-based economic hub
Quang Ninh looks to become a strong marine-based economic hub
BUSINESSicon  13/02/2021 

The northern province of Quang Ninh has outlined key measures to develop its marine-based and coastal economy, with a focus on eco-friendly tourism, maritime services, and coastal industry.

Vietnam automobile industry on recovery path despite Covid-19
Vietnam automobile industry on recovery path despite Covid-19
BUSINESSicon  13/02/2021 

Vietnam’s rising income per capita would soon move cars from a luxury product with a passenger vehicle density of 34 per 1,000 to a more ordinary one with a density level comparable to countries in the region.

Real estate appeal remains amid tumult
Real estate appeal remains amid tumult
BUSINESSicon  13/02/2021 

Vietnam has more real estate investment opportunities than other more mature Asia-Pacific markets, though certain difficulties remain.

VIETNAM BUSINESS NEWS FEBRUARY 15
VIETNAM BUSINESS NEWS FEBRUARY 15
BUSINESSicon  15/02/2021 

VIETNAM BUSINESS NEWS

Vietnamese enterprises build resilience amid pandemic
Vietnamese enterprises build resilience amid pandemic
BUSINESSicon  14/02/2021 

Vietnam’s economy has undergone a lot of changes during one year since the first case of COVID-19 was detected in the country in January, 2020, 

VIETNAM BUSINESS NEWS FEBRUARY 13
VIETNAM BUSINESS NEWS FEBRUARY 13
BUSINESSicon  13/02/2021 

 Vietnam receives foreign cargo ships on first day of Lunar New Year

2021 bodes well for mechanical engineering
2021 bodes well for mechanical engineering
BUSINESSicon  14/02/2021 

After suffering a significant fall in revenue last year, the mechanical engineering industry has high hopes for recovery in 2021, given Vietnam’s good COVID-19 control and participation in free trade agreements.

Vietnam continues to move forward in 2021
Vietnam continues to move forward in 2021
BUSINESSicon  14/02/2021 

Dr Tran Thi Hong Minh, Director of the Central Institute for Economic Management, talks about Vietnam’s potential for economic development in 2021.

Domestic coffee exporters expect a promising year
Domestic coffee exporters expect a promising year
BUSINESSicon  13/02/2021 

Vietnam’s coffee exports are expected to have a good start to 2021 after a gloomy year due to the severe impacts from the COVID-19 pandemic, according to industry insiders.

2021 GDP to grow 6.72 pct. in optimistic scenario: NCIF
2021 GDP to grow 6.72 pct. in optimistic scenario: NCIF
BUSINESSicon  12/02/2021 

The National Centre for Socio-Economic Information and Forecasting (NCIF) has released a forecast on Vietnam’s economic performance in 2021, with GDP growth of 6.72 percent and CPI of 4.2 percent under an optimistic scenario.

Silver lining found in investment channel risk this year
Silver lining found in investment channel risk this year
BUSINESSicon  12/02/2021 

Investors are pinning their hopes on different investment channels this year despite the many difficulties and risks brought about by COVID-19, analysts have said.

Construction firms urged to apply technology to improve efficiency
Construction firms urged to apply technology to improve efficiency
BUSINESSicon  11/02/2021 

The impacts of the COVID-19 pandemic and Industry 4.0 required construction firms to invest in technology to improve efficiency.

 
 
 
Leave your comment on an article

OR QUICK LOGIN