return icon Vietnamnet.vn

Statistics bureau to revise GDP reading

The General Statistic Office (GSO) announced on August 16 that it has started a process to revise the country’s GDP calculation.

Workers assemble a car at a factory in northern Vietnam 

 

It is possible thatthe revision will increase Vietnam’s GDP and per capita GDP, with the latterhaving an impact on household spending as Vietnam approaches the upper-middleincome level.

The bureau, however,played down the effect a revision may have on GDP targets and the country’ssocio-economic development.

“The revision of GDPcalculation is a regular task for any statistics office,” said GSO’s chiefNguyen Bich Lam. “This revision looks at all economic activities consideredlegal under the country’s current laws and regulations. The underground economyand illegal activities will not be included.”

Lam said the GSO’srevision would bring Vietnam’s GDP calculation more in line with internationalstandards. The bureau has been working closely with experts from theInternational Monetary Fund and the United Nations.

In addition, therapid growth of the country’s private sector in recent years has not beenadequately documented and reported by relevant agencies. With the results of anumber of national surveys and censuses becoming available, the GSO believesthis is the right time to review the country’s GDP, which is also a norm among theinternational community.

According to the GSO,GDP remains one of the key figures in the Government’s evaluation of the scaleand capacity of the economy. It is important that GDP calculation must beaccurate, inclusive and can be compared to other countries. This is especiallyrelevant as Vietnam is building its 10-year-strategy for socio-economicdevelopment for 2021-31.

This is the secondtime the GSO has conducted a review of GDP calculation. In 2013, the bureaurevised Vietnam’s GDP for 2008-12 in which it re-evaluated economic activitiesof banking and finance, insurance and real estate sectors.-VNA 

MORE NEWS

Average electricity retail price bracket increases

Compared to the previous bracket, which has been applied since 2017, the floor price increased by VND220 and the ceiling price by VND538 per kWh.

Van Toan joins Korean football club Seoul E-Land FC

Vietnamese striker Nguyen Van Toan travelled to the Republic of Korea on February 5 as he prepares to make his debut for his new side Seoul E-Land FC.

HCM City: second-home owners may bear registration tax up to VND1 billion

The HCM City People’s Committee has consulted with the Ministry of Planning and Investment (MPI) on the draft of a resolution to replace the National Assembly’s Resolution 54/2017/Wh14 on policies to create momentum for the city development.

Time for customs clearance to be cut by 10% from this year

The General Department of Vietnam Customs has set administrative reform targets to simplify customs procedures, including reducing the time for customs clearance and goods release by 10%,

Vietnam reaffirms support for UN Secretary-General’s role, efforts

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN), on February 6 stressed the necessity to devote national and international resources to peace, development and human.

Bustling M&A deals in banking industry at year beginning

Right from the beginning of 2023, many banks have announced their plans for merge and acquisition (M&A) deals and capital increase.

Baby elephant Bao Ngoc - an icon of Vietnam-Germany friendship

An elephant named Voi Nam whose parents were born in Vietnam and gifted to Germany’s Leipzig Zoo in 1984 and 1985 by Ho Chi Minh City's authority has welcomed its second baby elephant in the zoo on December 20, 2022.

Tourism – a source of growth in Vietnam for 2023: HSBC

Despite near-term trade headwinds, tourism has emerged as a source of growth for Vietnam to mitigate the challenges ahead in 2023, according to the “Vietnam at a glance” report released by HSBC on February 6.

Vietnam’s challenges and economic prospects in 2023

Geopolitics and new technologies are changing the world, opening up new opportunities for Vietnam to develop, if it can grasp them.

Digital transformation turns dreams of businesses into reality

With some close to bankruptcy, many enterprises have made a breakthrough and developed sustainably by going digital and using artificial intelligence (Al).

Innovation index: Vietnam aims for top four ASEAN countries

Vietnam aims to become one of the four most innovative countries in ASEAN in 2023, according to the Ministry of Science and Technology.

Vietnam’s digital economy grows most strongly in Southeast Asia

The two-year pandemic changed Vietnamese shopping habits and boosted e-commerce.

Biggest spring blood donation festival kicks off

The National Institute of Hematology and Blood Transfusion (NIHBT) and Hanoi Youth Association for Blood Donation on February 6 kicked off the Xuan Hong (Red Spring) Festival – the biggest annual blood donation campaign of the season.

Vietnam ranks highly in TasteAtlas’s Asian cuisine ranking

Renowned international food magazine TasteAtlas has released a collection of 24 Asian countries which have the best cuisines, with Vietnam featured highly in the list.

Automobile market's prospects for 2023

The automobile market is not likely to see a boom as it did in 2022. The difficulties arising late last year are expected to last until mid year.
back_to_top