The size of Viet Nam’s revised gross domestic product (GDP) rose by 24.5% annually on average in the 2010-2017 period, reported Nguyen Bich Lam, Director of the General Statistics Office on Friday. 

GDP growth rates in 2011-2017 period

 With the revision, the country’s GDP increased from US$220 billion to US$275 billion in 2017 and surpass US$300 billion in 2019.

The increase in GDP scale has lifted the size of Viet Nam’s economy by 935 trillion dong ($40.31 billion) per year, narrowing the gap between Viet Nam and its ASEAN neighbors.

In the reviewed period, the highest and lowest increase was respectively recorded with 27.3% in 2011 and 23.8% in 2015, Lam said.

The revision also shows changes in the country’s economic structure, with the GDP share of agriculture, forestry and aquaculture sector falling from 17.4% down to 14.7% while the GDP share of industry and construction and service sector increasing from 33% to 34.8% and 39.2% to 41.2%, respectively.

The revision was to meet international norms and better reflect the real size and structure of the economy, Lam said last August.

The revised figures will serve as input for Viet Nam to design socio-economic development strategy for the next ten years, the GSO Director said./.