Tours to localities

The Prime Minister and Deputy Prime Ministers conducted 570 tours to localities to learn and fix obstacles faced by the local authorities, businesses and residents.

Consultations

The Prime Minister and Deputy Prime Ministers convened more than 5,000 meetings and working sessions with ministries, agencies, localities, organizations, experts, and scientists, etc. to consult on socio-economic development policies.

Law-making

The Government submitted 107 draft laws, ordinances, and resolutions to the National Assembly and issued 755 Decrees.

The Prime Minister signed 234 Decisions.

Reduction of business conditions  

The Government promulgated 50 legal documents to cut 3,893 out of the total of 6,191 business conditions (accounting for 63%).

The Government and ministries promulgated 21 legal documents to cut or simplify 30 out of 120 specialized inspection procedures; cut 6,776 out of 9,926 lines of goods subject to specialized inspection procedures.

Global rankings

Viet Nam jumped 20 places to 70^th among 190 economies and ranked fifth in ASEAN in the World Bank’s Doing Business Report.

In terms of global competitiveness index, Viet Nam climbed up 10 places to 67^th out of 141 countries, according to the World Economic Forum.

The Government issued a program to cut and simplify regulations related to business activities for 2020-2025, setting goals to reduce and streamline at least 20% of procedures and at least 20% of procedure compliance costs while stepping up provision of online procedures.

Viet Nam’s e-Government index rose by three places to 86th among 193 countries and ranked 6^th in ASEAN.

Viet Nam jumped 50 places to rank 50^th among 194 countries and territories on the Global Cybersecurity Index rankings (2018).

Viet Nam jumped 25 spots in the World Bank’s Logistics Performance Index 2018, ranking 39^th among 160 countries and 3^rd in ASEAN after Singapore and Thailand.

Consumer price index

The consumer price index was around 3.2% compared to 7.65% in the 2011-2015 period.

Core inflation remained stable at 1.81% compared to 5.15% in the 2011-2015 period.

GDP size

The GDP size increased by 1.4 times compared to that in 2015.

The International Monetary Fund estimated that Viet Nam’s GDP size surpassed US$340 billion, making it among the 40 biggest economies in the world.

Total budget revenue accounted for 25.2% GDP, outperforming the target (23.5%) set by the National Assembly.

Debt

Public debt fell to 55.3% in 2020 from 63.7% in 2016.

Government debt dipped to 49.1% in 2020 from 52.7% in 2016.

Foreign debt decreased from 49% in 2017 to 47.3% in 2020.

Trade volume

Total trade volume in 2019 increased by 1.7 times from 2015, and reaching US$545.4 billion in 2020 despite the COVID-19 pandemic.

Viet Nam maintained annual goods trade surplus since 2016.

The country’s retail market posted the annual growth rate of 30-40%, ranking 45^th out of 191 countries.

Labor force and job creation

In 2020, the total workforce aged 15 and above reached 54.6 million, up 1.4 million compared to 2015.

More than 7.938 million jobs were created over the past five years.

The rate of trained labor force increased from 51.6% in 2015 to 64.5% in 2020.

Labor productivity

The labor productivity in 2020 rose by nearly 1.5 times compared to 2015.

The average growth rate of labor productivity during the 2016-2020 was 5.9% compared to 4.3% in the 2011-2015 period.

The Total Factor Productivity’s contribution to GDP was estimated at 45.72% in the 2016-2020 period, compared to the preset goal of 30-35%.

Investment structure

Foreign investment rose from 38.9% in 2016 to 46% in 2019.

The average incremental capital output ratio (ICOR) has fallen from 6.25 in the 2011-2015 period to 6.1 in the 2016-2019.

Economic structure

The industry and construction accounted for 38.81% of the GDP in 2020 compared to 37.87% in 2016.

The industry and construction accounted for 38.9% of GDP in the 2016-2020 period compared to 38.4% in the 2011-2015 period.

Mobile network and internet coverage

The mobile networks cover 99.8% of the country’s population.

The Government granted trial license of 5G telecommunications services and commercial network.

More than one million km of fiber cable has been laid, providing internet services to all villages, communes.

Viet Nam ranked 59th worldwide in terms of average fixed broadband download speeds.

The number of internet users surpassed 68.5 million, ranking 14^th worldwide.

Growth rate of IT sector

The average growth rate of the IT sector reached 14.97% compared to the preset target of 10%.

Urbanization rate

The rate of urbanization rose from 35.7% in 2015 to 40% in 2020.

Foreign investment

Foreign investment inflows were estimated at US$173-174 billion while the disbursed volume reached around US$92-93 billion.

Health insurance coverage

The coverage of health insurance soared to about 90.85% in 2020 from 76.5% in 2020.

Poverty rate

The national poverty rate fell by 1.4% annually to about 2.75% in 2020.

Economic growth

The average economic growth rate was 6.8% and 5.99% in 2016-2019 and 2016-2020 period respectively.

Despite the COVID-19 pandemic, the economy expanded 2.91% in 2020, becoming one of the fastest-growing economies in the world./.