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Vietnam Today

2019 GDP growth at 7.02%

Released at: 14:30, 28/12/2019

2019 GDP growth at 7.02%

Illustrative image (Photo: Viet Tuan)

GSO releases official economic figures on December 27.

by Linh Chi

Vietnam posted GDP growth of 7.02 per cent in 2019 thanks to the robust expansion of the processing and manufacturing and service sectors, General Statistics Office (GSO) Director General Nguyen Bich Lam announced at a press conference in Hanoi on December 27.

This is the second consecutive year the country’s GDP growth has exceeded 7 per cent, surpassing the National Assembly’s target of 6.6-6.8 per cent.

With growth of 11.29 per cent - the highest in the last seven years - processing and manufacturing was the main pillar of overall economic growth.

Growing 8.9 per cent and 7.3 per cent, the industrial and construction sector and the service sector contributed 50.4 per cent and 45 per cent, respectively, to GDP growth.

The service sector’s growth saw contributions from wholesale and retail sales, financial activities, banking and insurance, accommodation and restaurants, transportation, and warehousing and property.

“These macroeconomic indices prove the promptness and efficiency of the steering work by the government and the Prime Minister along with efforts from ministries, sectors, and localities since the beginning of the year,” Mr. Lam said.

The mining industry increased by a mere 1.29 per cent after three consecutive years of decline, thanks to a rise in coal mining offsetting a fall in crude oil exploitation.

The agriculture, forestry, and fisheries sector posted low growth of just 2.01 per cent, contributing 4.6 per cent of GDP, due to drought and climate change affecting harvests, while the livestock industry was severely impacted by the African Swine Fever, according to Mr. Lam.

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