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Parliament has set an official target of 6% growth this year, but the government hopes to push it as high as 6.5%. COVID-19 hit all socio-economic sectors throughout Vietnam. But given that Vietnam is one of the few countries in the world currently experiencing positive GDP growth, the supposed trade-off between the economy … Improved sanitary latrines were built in some 142,000 households and 1,500 schools. The project which closed in FY19 provided early-stage investment and technical support to build the requisite capacity and incentives among all stakeholders for scaled-up development. Vietnam Institute for Economic and Policy Research (VEPR) made the forecast in its latest Vietnam macro-economic report. The Coastal Resources for Sustainable Development Project introduced tools and practices for better fisheries management to authorities and fishers alike, along eight coastal provinces in Vietnam. Vietnam's gross domestic product expanded by 0.36 percent year-on-year in the second quarter of 2020, following a 3.83 percent growth in the previous period, the preliminary estimate showed. The hydropower plant reduced greenhouse gas emissions by approximately 1 million tons compared to a thermal plant supplying the same volume of electricity.The project increased the percentage of the local population with access to electricity from 30 percent in 2015 to 97 percent in 2019 – while contributing to improved quality of electricity supply in the broader region. Given the increasing reliance of fossil fuels, the power sector itself accounts for nearly two-thirds of the country’s greenhouse gas emissions. Vietnam now is one of the most dynamic emerging countries in East Asia region. Vietnam economic growth rate constantly increases by years. Finally, agriculture, forestry and fishing represent 22 percent of total output. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. March 12, 2021. Socialist-oriented market economy has been formed and macro economy stabilized: Soundly developing economy and dealing with social issues, so the life of the majority of people has been improved. The Mekong Delta Region Urban Upgrading Project has turned low-income, low-lying areas into greener urban spaces in six cities of the Mekong Delta Region. The total quantifiable benefits are estimated at approximately US$724 million in terms of saving in healthcare costs, productive time, flood control damage, and increased land value. The program also significantly strengthened institutional mechanisms for WSS monitoring, and evaluation processes within the implementing agencies of participating provinces. In addition, Vietnam benefits from a large and diverse portfolio of Advisory Services and Analytics (ASA), with 34 currently active tasks. GDP Growth rate(%) 2020: 1.600: 2021: 6.700: 2022: 7.440: 2023: 7.240: 2024: 6.931: 2025: 6.630 Government spending and debt remained in check and bank capital rules were strengthened. Hanoi will not raise minimum wage in 2021 for the first time in decades. This site uses cookies to optimize functionality and give you the best possible experience. Vietnam recorded decade-low GDP growth of 1.8% in the first half of this year, and expansion is forecast at just 2% to 2.5% for 2020 overall. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. This will create challenges for continued growth of modern infrastructure services required for the next phase of growth. The Trung Son Hydropower Project supported the development of a 260 megawatt, grid-connected hydropower plant in the remote part of central Vietnam. Ninety percent of global marine plastic pollution is estimated to come from just 10 in-land rivers, and the Mekong river is one of them. This is significant given that the number of industrial zones has increased by 26.4 percent. For 2021, the government is targeting economic growth at 6.5 percent. Vietnam has minimised the economic damage from Covid-19 and is the only country in South East Asia on track for growth this year. 2020 is a tough year for Vietnam, yet the economy has reaped remarkable achievements. The government is working to lower the environmental footprint of the country’s growth and effectively mitigate and adapt to climate change. About 70 percent of water discharged from industrial zones was untreated. World Bank national accounts data, and OECD National Accounts data files. Resilient Shores lays out a resilience strategy that can guide Vietnam through the decisive actions it must take to safeguard the prosperity of future generations from climate change and disaster risks. As of March 22, 2021, the Bank has provided US$24.94 billion in grants, credits, and concessional loans to Vietnam through 209 operations. Access of households to infrastructure services has increased dramatically. Vietnam's gross domestic product advanced by 4.48 percent year-on-year in the first quarter of 2021, the same pace as in the previous period, as the economy gradually returned to normal conditions, after loosening the lockdown measures to contain the spread of the coronavirus, the preliminary estimate showed. Vietnam: Mobile Technology Enables Faster and Safer Social Allowance Transfers for Ethnic Minorities, Internet of Things (IoT) helps Vietnamese farmers grow rice with less water, Internet of things (IoT) enables water-efficient rice cultivation in Vietnam. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Earlier, the Bank conducted a ground-breaking study on conflict–of–interest issues in the context of growing interactions interactions between the public and private sectors. The economy of Vietnam is a socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP). Between 1990 and 2016, life expectancy increased from 70.5 to 76.3 years, and is the highest in the region for countries at a similar income level. The project, which benefited 192,000 households and resulted in a 16-percent increase in incomes, provided good lessons for government to revise its poverty reduction policy and approach. A strong second quarter will be led by the industrial sector, which will push up annual growth rates in 2021. According to the ADB’s Asian Development Outlook 2020 report published on April 3, 2020, Vietnam’s economic growth will decline sharply to 4.8 percent in 2020 but bounce back up to 6.8 percent in 2021, provided the pandemic is contained. Vietnam’s GDP is … Through the Climate Change and Green Growth Development Financing, the World Bank made a strong contribution to the climate change and green growth reform agenda. Vietnam economic growth for 2019 was $261.92B, a 6.81% increase from 2018. Download historical data for 20 million indicators using your browser. Reforms brought about by this program also contributed to improved energy efficiency of household appliances and increased investment in renewable energy, particularly solar power and wind power. In August 2020, the Vietnam's Open Budget Portal went live, making budget information for all government levels available for the public in one place. The long-term benefits go beyond the duration of the project. Economy | March 23rd 2021 UK-Vietnam trade agreement set to take effect in May. Economy Vietnam to halve 2020 GDP growth target due to pandemic. The Second Northern Mountains Poverty Reduction Project, implemented in six mountainous provinces in the poorest region of Vietnam during 2010-2018, exemplifies this productive partnership. It also broadened engagements to improve the welfare and development of ethnic minority groups and implementation of Vietnam’s Nationally Determined Contributions to reductions in greenhouse gas emissions under the United Nations Framework Convention on Climate Change. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Electricity consumption has tripled over the past decade, growing faster than output. A former Vietnamese government adviser claimed that the coronavirus outbreak will cause Vietnam’s economic growth rate to reduce around 1 percentage … There is an urgent need to accelerate the clean energy transition. Urbanization and strong economic and population growth are causing rapidly increasing waste management and pollution challenges. Regardless of the impact of the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia. The assessment was given by the International Monetary Fund (IMF) in its 2020 Article IV Consultation report with Vietnam, expecting the upward trend in economic growth would continue to 2022 as the country’s economic growth may reach 7.2%. To learn more about cookies, click here. The School Readiness Promotion Project, for example, helped increase access to full-day preschool to 84 percent of five-year-old children in 2015  from 66 percent in 2011. “However, in a less likely scenario, when the spread of new Covid-19 variant turns more serious, domestic economic activities could be disrupted and keep the GDP growth even at a lower rate compared to last year,” warned the VEPR. Q2 2020 Vietnam economy grew by 0.36% year on year (H1 expansion of 1.81% year on year). Its population reached 96.5 million in 2019 (up from about 60 million in 1986) and is expected to expand to 120 million by 2050. Global data and statistics, research and publications, and topics in poverty and development, *Amounts include IBRD and IDA commitments, Environmental and Social Policies for Projects, Vietnam Renewable Energy Development Project, Climate Change and Green Growth Development Financing, Coastal Resources for Sustainable Development Project, Vietnam Industrial Pollution Management Project, Mekong Delta Region Urban Upgrading Project, Results-Based Rural Water Supply and Sanitation Under the National Target Program, Northeast and Red River Delta Regions Health System Support Project, Second Northern Mountains Poverty Reduction Project, Country Partnership Framework for the Period FY18-FY22, Performance and Learning Review of the Country Partnership Strategy for Vietnam (FY12 - 16), Joint Vietnam-World Bank Group Study Will Seek Path for Higher Economic Growth, Results from the World Bank Group’s 2012 – 2017 – Country Partnership Strategy for Vietnam, WBG Country Partnership Framework for Vietnam 2018 – 2022: Key Priorities. According to the 2019 Population Census Report, 55.5 percent of the population is under 35 years of age, with a life expectancy of 76 years, the highest among countries in the region at similar income levels. However, in recent years, Vietnam’s physical capital investment as a percentage of GDP has been among the lowest in the ASEAN region. Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports. Inflationary pressures are projected to remain moderate, due to subdued global demand conditions and moderate global energy and food prices. Current economic risks relate to geopolitics, trade policy uncertainty, and domestic reform implementation. The plant has also helped mitigate flood risks in downstream communities. The economy will grow by 5.3% in real terms in 2021—a slower pace relative to recent years, amid a gradual recovery from the coronavirus pandemic. An additional two million people indirectly benefited from the city-wide infrastructure improvements and the new social facilities. Vietnam Economy Growth Despite Pandemic. The GDP growth was driven mainly by agriculture, forestry and fisheries sectors (4.69 percent); industry and construction (5.60 percent) and service sector (4.29 percent). The project also assisted 13,000 fishers in adopting good aquaculture practices with the introduction of new eco-friendly technologies, while helping improve the biosecurity infrastructure in which they operate. GDP growth (annual %) - Vietnam. Considering the first nine months of 2020, the economy expanded 2.12 percent from a year earlier. Publish your articles and forecasts in our website. The Bank also provides strategic advice for Vietnam on how to prepare its workforce for future jobs. Vietnam's existing portfolio consists of 37 active projects, with total net commitments of US$7.19 billion. There is also a need to upgrade the skills of the workforce to create productive jobs at a large scale in the future. GDP grew by 2.9 percent in 2020. The project has helped improve the living conditions of about 625,000 direct beneficiaries by upgrading basic infrastructure. Vietnam’s economy is set to grow 6.6 percent in 2021 on the back of successful control of COVID-19 infections, strong performance by export-oriented manufacturing and robust recovery in domestic demand. The Northeast and Red River Delta Regions Health System Support Project improved the treatment capacity for 74 public hospitals at the district and provincial levels by investing in upgrading the medical infrastructure and training health workers. The World Bank Group works in every major area of development. Linked to this is the issue of marine plastics. Vietnam's gross domestic product advanced by 2.62 percent year-on-year in the third quarter of 2020, accelerating from a marginally revised 0.39 percent growth in the previous period, as the economy gradually returned to normal conditions, after loosening the lockdown measures to contain the spread of the coronavirus, the preliminary estimate showed. Direct access to our calendar releases and historical data. The economy expanded 2.91% this year after having posted gross domestic product growth above 7% for two consecutive years, the General Statistics Office (GSO) said in a statement. Data released by the General Statistics Office (GSO) estimated a 1.81 percent... Vietnam’s continued FDI growth despite pandemic. During the same period, the percentage of those with an on-site centralized effluent treatment plant increased from 60 percent to 98 percent. Perhaps it is relevant to say that in 2020, Vietnam is an exception by continuing to show its role as the center of trade flows. Looking forward, we estimate GDP Annual Growth Rate in Vietnam to stand at 6.50 in 12 months time. 2020 was a remarkably difficult year. Many ASA engagements leverage country-level partnerships and trust funds from development partners. Compounding the problem is the reality that much of Vietnam’s population and economy is highly vulnerable to climate impacts. source: General Statistics Office of Vietnam 3Y 10Y 25Y Key strategies and plans to stimulate green growth and sustainable use of its natural assets are in place. Waste generation in Vietnam is expected to double in less than 15 years. Since 2018, the World Bank has supported Vietnam’s Office of the Government (OOG) in its efforts to build a digital government to ehance the efficiency and transparency of public service delivery. In addition, 19 new small hydropower plants were built with a total capacity of 320MW, which supplied an annual volume of 1,260GWh. Poverty rates declined sharply from over 70 percent to below 6 percent (US$3.2/day PPP). Economy | March 31st 2021 Vietnam’s growth subdued in Q1 2021. Due to the coronavirus pandemic, also Vietnam’s growth is affected. The World Bank has supported Vietnam in reforming the educational system at all levels. 2000-2021 Data | 2022-2023 Forecast | Calendar, source: General Statistics Office of Vietnam. Despite of Covid-19, this Vietnam economy remains steadfast in maintaining positive growth. Improving the efficiency and integrity of the public sector is a priority for the World Bank in Vietnam. The economy growth in the fourth quarter of this year, however, remains significantly lower than an expansion of 6.79 percent recorded at the same period last year, before the pandemic. Economic and political reforms under Đổi Mới, launched in 1986, have spurred rapid economic growth, transforming what was then one of the world’s poorest nations into a lower middle-income country. The current World Bank Group Country Partnership Framework (CPF) for Vietnam guides the Bank Group's engagements in the country from 2018 to 2022. As of 2016, 99 percent of the population uses electricity as their main source of lighting, up from just 14 percent in 1993. This is higher than the average for East Asia and the Pacific region and lower middle income countries. Tra Mac. More. The diagnostic and recommendations contributed to Vietnam’s successful containment of COVID-19 outbreak – by the end of 2020, a country of 95 million people only registered 1,465 infected cases with 35 deaths while managing to post a positive GDP growth. Vietnams growth is projected to moderate to 6.6 percent in 2019, driven by credit tightening, slower private consumption and weaker external demand. A grant from the Pandemic Emergency Financing Facility, helped ramp up testing capacity for 84 laboratories nationwide, cutting the turnaround time from 24-48 hours to 4-6 hours. This was the slowest GDP growth rate since the series began in 2000, hampered by the coronavirus pandemic and weaker global demand. Between 2002 and 2018, GDP per capita increased by 2.7 times, reaching over US$2,700 in 2019, and more than 45 million people were lifted out of poverty. It confirmed the relevance of the current CPF, aligned with the government of Vietnam’s development objectives and demand for WBG support. Over the medium term, growth is projected to stay around 6.5 percent, as the impact of current cyclical uptick dissipates. Fully operational since 2017, the plant has supplied 1 billion kilowatt-hours (kWh) of electricity annually at a unit cost lower than other renewable sources or coal. In Vietnam, industry and construction constitute the biggest sector of the economy (41 percent of total GDP). Vietnam’s human capital index (HCI) stands at 0.69, meaning a child born in Vietnam today will be 69 percent as productive when she grows up as she could be if she enjoyed complete education and full health. Between 2012 and 2018, the project supported 40 coastal districts and 257 coastal communes to shift from fragmented sectoral planning to an integrated spatial planning for co-management of fisheries. Government estimates showed the Vietnamese economy growing 2.9% last year from a year ago, better than China's forecast-beating 2.3% growth during the same period. The GDP of Vietnam is $255 million, and the country has achieved GDP growth of 6.5% in recent years. Vietnam’s development over the past 30 years has been remarkable. Yet, in the past six years the growth in services outpaced significantly all other sectors, and today services account for 37 percent of GDP. Promote and stimulate low carbon energy generation. Endorsed on May 30, 2017, and reflecting and building on the priorities identified and expressed in the World Bank Group's 2016 Systematic Country Diagnostic, the Vietnam 2035 Report, and the Government of Vietnam’s 2016-2020 Socio-Economic Development Plan (SEDP), the CPF has four priority areas: Building on the World Bank Group’s continued strong engagement in Vietnam, the CPF introduces strategic shifts that will guide the Group’s work going forward: The World Bank Group conducted a Performance and Learning Review (PLR) of the CPF in early 2019. The Basic Statistics brochure presents data on selected social, 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. And Vietnam’s emerging middle class, currently accounting for 13 percent of the population, is expected to reach 26 percent by 2026. In the northern part of Vietnam, 13.7 million people—many of them from remote areas—have better access to quality healthcare. In the first half of this year, the economy advanced 1.91 percent from a year earlier. Vietnam’s universal health coverage index is at 73—higher than regional and global averages—with 87 percent of the population covered. Vietnam’s shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into a lower middle-income country. The Key Drivers of Growth in Vietnam Interestingly, one of Vietnam’s most established economic drivers is trade, with the country known as a prominent exporter of goods to nations across the globe. From 1993 to 2017, the infant mortality rate decreased from 32.6 to 16.7 (per 1,000 live births). However, this is still much better than many of other South East Asia countries and the world average. Demand for water continues to increase, while water productivity is low, about 12 percent of global benchmarks. Its economy is expected to grow 2.4% this year, … Over the past 30 years, the provision of basic services has improved significantly. Experts have been optimistic about Vietnam’s economic growth in 2021. In addition, about 1.4 million people in 203 communes gained access to commune-wide sanitation. Considering the whole year of 2020, the economy expanded 2.91 percent from a year earlier. Vietnam Manufacturing PMI Rises to 27-Month High, Vietnam Consumer Prices Fall for 1st Time Since 2001, Vietnam Retail Sales Grow the Most in 9 Months, Vietnam Industrial Output Growth at 4-Month High, Fitch Revises Vietnam Credit Outlook to Positive, Bovespa Ends Lower, But Still Up for The Week, Costa Rica Inflation Rate Rises to 0.47% in March, Ukraine Inflation Rate Jumps to 1-1/2-Year High of 8.5%, Mozambique Inflation Rate at Over 3-Year High, Senegal February Inflation Rate Eases to 1.2% in March, Belgium Industrial Output Growth Flattens in February, Slovenia Industrial Output Falls 1.3% YoY in February. Experts have been optimistic about Vietnam’s economic growth in 2021. But the population is rapidly aging. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The expansion was driven mainly by agriculture, forestry and fisheries (3.16 percent); industry and construction (6.30 percent), manufacturing (9.45 percent) and service sector (3.34 percent). Resilient Shores: Vietnam’s Coastal Development Between Opportunity and ... Vietnam: Mobile Technology Enables Faster and Safer Social Allowance ... Nobody Left Behind - Scaling-Up Sanitation in Rural Vietnam, Vietnam 2035 : Toward Prosperity, Creativity, Equity, and Democracy, Timeline: The World Bank and Vietnam: A strong and enduring partnership, Enable inclusive growth and private sector participation, Ensure environmental sustainability and resilience. All these plants followed global best practices on environmental and social risk management, setting new industry benchmarks in Vietnam. Water pollution has significant costs on productivity of key sectors and human health. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Comprehensive engagement to strengthen private sector development and participation across sectors; Support to achieve the financial sustainability of public services and transfers; Support to poverty reduction amongst ethnic minorities, through livelihood and income generation activities; Multisector engagements to strengthen linkages between education and the labor market; and. Vietnam has made great strides in reducing poverty and improving quality of life for millions. However, the high and widening sex ratio at birth (115 in 2018) shows that fundamental gender discrimination persists. Vietnam economic growth for 2018 was $245.21B, a 9.58% increase from 2017. One pillar helped improve inter-sectoral coastal planning and mainstream climate change into public investment across selected key sectors. In February 2019, the Bank and OOG conducted a readiness assessment to ascertain the potential for digital government development in Vietnam, leading to the launch of the National Public Services Portal in December 2019 and E-Cabinet in June 2019. This was unexpected given the COVID 19 lockdown. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Given its deep integration with the global economy, the Vietnamese economy  has been hit by the ongoing COVID-19 pandemic, but has shown remarkable resilience.

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