Asia Business Channel

Vietnam’s GDP at 7.1% in 2018 – the highest in 10 years

 

Vietnam’s GDP grew at 7.08% in 2018 making it one of the best performing economies in the world. This was the highest growth the country has experienced since 2008 and compared with the median estimate of 6.9% in a Bloomberg survey of 12 economies

Nguyen Bich Lam, Director General of the General Statistics Office, said that the scale of Vietnam’s economy at present value, is over $237.38 billion USD, with average GDP per capita at $2,587 per person, a $198 increase over 2017,

According the General Statistics Office, the agriculture, forestry and fisheries sector grew by 3.76% this year, and contributed to 8.7% to the country’s GDP. Corresponding figures for industry and construction sectors were 8.85% and nearly 49%; and that of the service sector, 7.03 percent and approximately 43%.

According to the government, the consumer price index (CPI) in December 2018 fell by 0.25% compared to the previous month. On average, CPI in 2018 increased by 3.54%, well below the 4% target that had been set by the National Assembly.

Export turnover for the year is estimated at over $244.7 billion, up nearly 14% compared to 2017. The FDI sector (including crude oil) still accounts for nearly 70% of export turnover, at more than $175.5 billion USD.

On the other hand Vietnam imported more than $237.5 billion the whole year, up 11.5% over 2017. Overall, in 2018 Vietnam achieved a trade surplus of $7.2 billion. Vietnamese labor productivity also increased this year by nearly 6% compared to 2017, at $4,512 USD per person.

 

 

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