Viet Nam Launches Revised GDP
The General Statistics Office of Viet Nam launches revised GDP
The General Statistics Office of Viet Nam launched revised GDP (Gross Domestic Product) for the period 2010-2017 with the support from the UN Resident Coordinator’s Office in Viet Nam, UNDP in Viet Nam, and the IMF (International Monetary Fund).
The revision is to measure more accurate GDP size and structure, which better captures the reality of Viet Nam’s fast changing economic landscape in line with the System of National Accounts (SNA) 2008 as suggested by the UN Statistics Division. The revised GDP figures will provide timely basis for Viet Nam’s on-going development of the Socio-Economic Development Strategy 2021-2030 and the Socio-Economic Development Plan 2021-2025.
At the launch, Mr. Nguyen Bich Lam, GSO General Director, presented comprehensive results and methodology of the revision and its impact on other macro indicators. The re-evaluated GDP size and GDP per capita increased by 25.4 and 25.6 per cent on average annually, respectively, while the change in annual GDP growth rate is minor at less than one per cent point per year. The GDP structure is changed reflecting increased proportions in the manufacturing, construction, and service sectors.
During his opening remarks, Mr. Kamal Malhotra, the UN Resident Coordinator in Viet Nam, stressed that “making regular GDP revision and rebasing are necessary.” He also suggested Viet Nam to have better and more flexible fiscal rules and targets with wider ranges and escape clauses (for example: a GDP growth target of 6-7.5 per cent or government extra borrowing being allowed in recessions) and stronger institutions for macro-economic and fiscal management.
Mr. Jonathan Pincus, UNDP International Senior Economist Advisor, shared international experience and implications for Viet Nam by stressing the importance to proactively communicate to the public about the revision, its main differences, as well as the use of the old and new GDP series.