Vietnam’s GDP growth slows to 2.58% in 2021

Recently, the General Statistics Office has published the Socio-Economic Situation Report in the fourth quarter and 2021. Accordingly, the Gross Domestic Product (GDP) in the fourth quarter of 2021 is estimated to increase by 5.22% over the same period last year contributing to the nation’s GDP growth at 2.58%.

Recently, the General Statistics Office has published the report on the socio-economic situation in the fourth quarter and 2021. Accordingly, the gross domestic product (GDP) in the fourth quarter of 2021 is estimated to increase by 5.22% over the same period last year, 2020. According to the report, GDP in the fourth quarter is higher than the growth rate of 4.61% of 2020 but lower than the growth rate of the fourth quarter of the years 2011-2019.

In which, the agriculture, forestry and fishery sector increased by 3.16%; industry and construction increased by 5.61%; service sector increased by 5.42%. Regarding the use of GDP in the fourth quarter of 2021, the report said that final consumption increased by 3.86% over the same period last year; accumulated assets increased by 3.37%; exports of goods and services increased by 14.28%; imports of goods and services increased by 11.36%.

As a result, GDP for the whole year 2021 is estimated to increase by 2.58% compared to 2020. The reason is that the Covid-19 epidemic has seriously affected all areas of the economy, especially in the third quarter of 2021, many key economic localities must implement prolonged social distancing to prevent epidemics.

It is known that in the general growth rate of the whole economy, the agriculture, forestry and fishery sector increased by 2.9%, contributing 13.97% to the growth rate of total added value of the whole economy; the industry and construction sector increased by 4.05%, contributing 63.80%; the service sector increased by 1.22%, contributing 22.23%.

Specifically, in the area of agriculture, forestry and fishery, the productivity of most crops is quite good compared to the previous year, livestock has grown steadily, and the export turnover of some agricultural products will increase in 2021, contributing to maintaining maintain the growth rate of the whole region.

The agricultural sector increased by 3.18%, contributing 0.29 percentage points to the growth rate of total added value of the whole economy; the forestry sector increased by 3.88%, contributing 0.02 percentage points; the fisheries sector increased by 1.73%, contributing 0.05 percentage points.

In the industry and construction sector, the processing and manufacturing industry continued to be the growth engine of the whole economy with a growth rate of 6.37%, contributing 1.61 percentage points to the growth rate. total value added of the whole economy.

The electricity production and distribution industry increased by 5.24%, contributing 0.19 percentage points. Mining industry decreased by 6.21%, down 0.23 percentage points due to the decrease in crude oil production by 5.7% and gaseous natural gas by 19.4%. Construction industry increased by 0.63%, contributing 0.05 percentage points.

The complicated development of the Covid-19 epidemic from the end of April 2021 has seriously affected commercial and service activities. The negative growth of some service industries accounted for a large proportion, reducing the overall growth rate of the service sector and the whole economy.

Specifically, the wholesale and retail sector decreased by 0.21% over the previous year, reducing 0.02 percentage points in the growth rate of total added value of the whole economy; the transportation and warehousing industry decreased by 5.02%, decreasing by 0.3 percentage points; accommodation and food service industry plummeted 20.81%, down 0.51 percentage points.

Particularly, the health sector and social assistance activities achieved the highest growth rate in the service sector with an increase of 42.75%, contributing 0.55 percentage points. Besides, financial, banking and insurance activities increased by 9.42%, contributing 0.52 percentage points; the information and communication sector increased by 5.97%, contributing 0.36 percentage points.

Along with that, commercial activities, domestic transportation, and international tourists gradually recovered. Compared to the third quarter, in the last 3 months of the year, the total retail sales of consumer goods and services increased by 28.1%; passenger transport increased by 48.4%, passenger turnover increased by 51.3% and freight transportation increased by 31.8%, freight turnover increased by 28.4%; International visitors to our country increased by 62.7%.

Regarding the economic structure in 2021, the agriculture, forestry and fishery sector accounts for 12.36%; industry and construction accounted for 37.86%; service sector accounted for 40.95%; product tax minus product subsidies accounted for 8.83%.

Regarding GDP use in 2021, final consumption increased by 2.09% compared to 2020; accumulated assets increased by 3.96%; exports of goods and services increased by 14.01%; imports of goods and services increased by 16.16%.

Labor productivity of the whole economy at current prices in 2021 is estimated at 171.3 million VND/worker (equivalent to 7,398 USD/worker, an increase of 538 USD compared to 2020). At constant prices, labor productivity in 2021 will increase by 4.71% due to improved qualifications of workers (the proportion of trained workers with degrees and certificates in 2021 will reach 26.1%, higher than the 25.3% of 2020).

The timely issuance and implementation of Resolution No. 128/NQ-CP dated October 11, 2021 of the Government has made an important contribution to restoring production and promoting the market, gradually creating confidence for businesses. The results of the survey on business trends of enterprises in the processing and manufacturing industry showed that enterprises were optimistic about their production and business situation in the first quarter of 2022 with 81.7% of enterprises assessing it to be stable. and better than the fourth quarter of 2021.

 

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