Statistics of Vietnam’s economic growth in 2020 and forecast for 2021
On the afternoon of December 21, the World Bank (WB) announced an updated report on Vietnam’s economic situation. Accordingly, Vietnam will grow by 2.8% in 2020.
Although that result is about 4.2 percentage points lower than the performance in recent years, But affected by the Covid 19 epidemic, Vietnam is still in the region of positive growth while the world economy declines at least 4%. Mr. Jacques Morisset, chief economist of the World Bank of Vietnam, said that Vietnam achieved almost unique achievement in the Covid-19 crisis. Based on the tested Covid-19 vaccine situation, the world economy will gradually recover like the 2008 world economic crisis. Vietnam’s economy is forecasted to grow at around 6.8% in 2021 and will stabilize at 6.5% in the following years.
Regarding exports, according to the report of the Ministry of Industry and Trade, for 11 months of 2020, the export turnover was estimated at 254.93 billion USD, up 5.5% over the same period last year (the same period increased 8%). In which, the domestic economic sector reached 73.05 billion USD, up 1.6%, accounting for 28.65% of the total export turnover; the foreign invested sector (including crude oil) reached 181.88 billion USD, up 7.1%, accounting for 71.35%.
In 11 months, there were 31 items with over 1 billion USD of export turnover, accounting for 92% of the total export turnover (of which 6 items exported over 10 billion USD, accounting for 64.3%).
Phones and components had the largest export turnover, reaching 46.9 billion USD, accounting for 18.4% of the total export turnover, down 3.4% over the same period last year; electronics, computers and components reached 40.2 billion USD, up 24.3%; textiles and garments reached USD 26.7 billion, down 10.5%; equipment, machinery, tools and spare parts reached 23.9 billion USD, up 44.5%; sandals 14.9 billion USD, down 9.8%; wood and wood products reached 10.9 billion USD, up 14.1%; Export of agricultural, forestry and fishery products was estimated at 2.22 billion USD, up 3.2% over the same period
Particularly, the export turnover of textiles and garments in 11 months was estimated at US $ 26.73 billion, down 10.5% over the same period. Export turnover of curtain fabric, other technical fabrics is estimated at 400 million USD, down 26.8% over the same period; Fiber and textile fiber exports were estimated at US $ 3.29 billion, down 13.5% over the same period. Similarly, leather footwear production is estimated at 265.6 million pairs, down 2.5% over the same period. The index of leather and related products also decreased by 2.5% over the same period.
Milestone to promote the development of Vietnam’s export industry in the future
Recently, on November 15, 2020, the Regional Comprehensive Economic Partnership (RCEP) to which Vietnam is an official member was signed, bringing great opportunities for Vietnam when regulating schools of other countries. Participating in the agreement using more than 32% of global GDP with more than 2.2 billion VND and will become the largest free trade region in the world.
It can be seen that the signing of the RCEP means a lot in the current context, opening up new opportunities for the economy as well as for businesses in a large economic playing field. With commitments to open markets in goods and services, investment and harmonization of rules of origin, strengthening RCEP trade facilitation measures will provide opportunities to develop supply chains. to establish new and stable export markets for Vietnamese goods.
DNS Solution’s mission to Vietnamese products in the international market
DNS Solution with the desire to support Vietnamese products exported to the world market and be recognized by the world for high quality products “made in Vietnam” by providing auxiliary technology solutions for packaging. and transport… with the most advanced and safest technology.
With many years of experience in the industry, we find that the error goods in the export process of Vietnamese enterprises are often quite high. Not due to technical errors or quality arising during storage and transportation. The packaging and transportation issue has not been given due attention by businesses, Vietnam has an export advantage, but is always underestimated in terms of value and quality due to its low ingredient rate and reduced quality. Transport – secure management and short time storage in the field. Although our products are of high quality for export but partly we can use protective packaging method and product protection has not been implemented yet and bring new technology to solve the problem.
We have a team of staff and specialists with long-term knowledge and experience in the field of Importing package protection solutions to provide a similar solution system and closely related to each other to feel secure about the quality and brand of your business in its protection products, especially businesses that want to export products abroad. With external relationships with partners, we will help customers connect to make their products to the world.
Finally, DNS Solution wants to enhance the image and value of Vietnamese products in the international market.