1. Growth rate of gross domestic product
Gross domestic product (GDP) in the fourth quarter of 2020 was estimated to increase by 4.48% over the same period last year, the lowest increase of the fourth quarter of each year in the period 2011-2020[1]. The Covid-19 pandemic was strictly controlled, the economy gradually returned to new normal condition, the EU and Vietnam Free Trade Agreement, which took effect from August 1st, 2020, created a driving force for the economy, GDP in the fourth quarter of 2020 grew prosperously compared to the third quarter of 2020, of which the agriculture, forestry and fishery sector increased by 4.69% over the same period last year; industry and construction increased by 5.60%; service sector rose by 4.29%; Product tax minus product subsidies rose by 1.07%. Regarding the use of GDP in the fourth quarter of 2020, the final consumption increased by 1.48% over the same period last year; asset accumulation increased by 5.29%; exports of goods and services, imports of goods and services rose by 15.25% and 14.83%, accordingly.
GDP in 2020 increased by 2.91% (in the first quarter, the second quarter, the third quarter and the fourth quater increased by 3.68%; 0.39%; 2.69%; 4.48% respectively), although being the lowest increase of the period 2011-2020[2] , but in the context of the Covid-19 pandemic happened complicatedly, negatively affecting all socio-economic fields, this is a great success for Vietnam with the growth rate in 2020 among the highest in the world.
It suggests that the precision in the direction and administration to recover the economy, prevent disease and the strive, agreement of the entire political system, the Government, the Prime Minister, efforts of people and the business community to effectively achieve the goal of “both preventing pandemics and developing socio-economic”. In the general growth rate of the whole economy, the agriculture, forestry and fishery sector increased by 2.68%, contributed 13.5% to the growth rate of the total added value of the whole economy; industry and construction increased by 3.98%, contributed 53%; the service sector increased by 2.34%, contributed 33.5%.
In the agriculture, forestry, and fishery sector, due to the production of several perennial crops, major livestock products, and shrimp in 2020 increased fairly, so that the growth rate of this area is higher in 2019. Of which, the agricultural sector increased by 2.55%, only lower than the growth rate of 2011, 2012 and 2018 in the period 2011-2020[3], contributed 0.29 percentage points to the growth rate of the total value-added of the whole economy; the forestry sector increased by 2.82% but accounted for a low proportion, so it only contributed 0.02 percentage points; the fishery sector increased by 3.08%, higher than 2.80% in 2015 and 2016 for the period 2011-2020[4], contributed 0.1 percentage points.
In the industry and construction sector, the industry in 2020 increased by 3.36% over the previous year[5], contributed 1.12 percentage points to the growth rate of the total added value of the whole economy. Of which, the processing and manufacturing industry played a key role in driving the growth of the economy with an increase of 5.82%[6], contributed 1.25 percentage points; electricity production and distribution increased by 3.92%, contributed 0.19 percentage points; water supply, waste and wastewater management and treatment rose by 5.51% and contributed 0.04 percentage points; mining decreased by 5.62% (due to a decrease of 12.6% in crude oil production and an 11.5% decrease in natural gas), causing a reduction of 0.36 percentage points in the overall growth rate. The construction industry increased by 6.76%, higher than the growth rate of 2011, 2012, and 2013 in the period 2011-2020[7], contributed 0.5 percentage points.
The Covid-19 pandemic evolved too complicated, seriously affecting commercial and service activities. The service sector in 2020 reached the lowest growth rate of the period 2011-2020[8]. Contribution of some market service to the growth rate of total added value in 2020 was as follows: Wholesale and retail increased by 5.53% over the previous year, contributed 0.61 points percent; finance, banking, and insurance increased by 6.87%, contributed 0.46 percentage points; transportation and warehousing down 1.88%, caused a decrease of 0.06 percentage points; the accommodation and catering services sector down 14.68%, caused a decrease of 0.62 percentage points.
Regarding the economic structure in 2020, the agriculture, forestry, and fishery sector accounted for 14.85%; industry and construction accounted for 33.72%; the service sector accounted for 41.63%; Product tax minus product subsidies accounted for 9.8% (The corresponding structure in 2019 was: 13.96%; 34.49%; 41.64%; 9.91%).
Regarding the use of GDP in 2020, final consumption, asset accumulation, exports of goods and services, imports of goods and services respectively rose by 1.06%; 4.12%; 4.97%; 3.33%.
The quality of economy growth rate
The labor productivity of the whole economy at current prices in 2020 was estimated at 117.9 million VND/employee (equivalent to 5,081 USD/employee, an increase of 290 USD compared to 2019[9]); labor productivity at a constant price increased by 5.4% due to an increase in qualifications of workers (the rate of trained workers with diplomas and certificates in 2020 was 24.1%, higher than 22.8% in 2019).
Incremental output ratio (ICOR coefficient) decreased from 6.42 in 2016 to 6.11 in 2017, 5.98 in 2018, and 6.08 in 2019. On average, in the period 2016-2019, the ICOR coefficient reached 6.13, lower than the coefficient of 6.25 for the period 2011-2015. Especially in 2020, due to the negative impact of the Covid-19 pandemic, production and business activities of the economy were stalled, the projects completed and put into use could not be fully utilized, so the ICOR in 2020 was 14.28; on average, in the period 2016-2020, ICOR was 7.04.
2. Agriculture, forestry and fishery
The agriculture, forestry and fishery sector in 2020 faced many difficulties due to drought, salinity, flooding; the Covid-19 epidemic of the world has complicated developments, affecting export-import activities and agricultural product consumption. Facing these difficulties, the Agriculture sector has had many timely and effective response solutions, so the production results were fair, the paddy crops were harvested, and the prices were quite well; the production of perennial plants had a good growth rate; poultry husbandry is well developed; the pigs are gradually recovering. The agriculture, forestry and fishery sector has played a supporting role in the economy in difficult times, ensuring the supply of food, essential goods, is the important base to implement welfare and security during the pandemic.
a) Agriculture
Rice area in 2020 was estimated at 7.28 million ha, a decrease of 192 thousand ha over the previous year; rice production was estimated at 42.69 million tons, down 806.6 thousand tons.
The country’s winter-spring rice result this year quite well with reached 65.7 quintal/hectare, increased by 0.2 quintal/hectare compared to the winter-spring crop of 2019. The country’s winter-spring paddy production reached 19.9 million tons, a drop of 593.5 thousand tons; the cultivated area this year was at 3,024.1 thousand hectares, a decrease of 100.3 thousand hectares ha.
In comparison with the summer-autumn crop of the previous year, the summer-autumn paddy crop yield in 2020 reached higher results, but due to the effects of drought, salinity, and change of use purposes on rice land, the area of cultivation decreased, resulting in total output reduced. This year, the country cultivated 1,945.1 thousand hectares of summer-autumn paddy, a decrease of 64.5 thousand hectares compared to 2019; the yield reached 55.2 quintal/hectare, an increase of 0.7 quintal/hectare; the total production reached 10.74 million tons, a drop of 205.4 thousand tons. Of which, production of the Mekong River Delta reached 8.46 million tons, a fall of 219.1 thousand tons.
The autumn-winter paddy crop cultivated area was estimated at 724 thousand hectares, a decrease of 0.2 thousand hectares in comparison with the autumn-winter paddy crop cultivated area of last year. Yield of the crop was estimated at 55.1quintal/hectare, an increase of 0.2 quintal/ha, in comparison with that of the winter-autumn crop last year; the production was estimated at 3.99 million tons, an increase of 15.1 thousand tons.
The results of winter rice production in 2020 increased in yield, but due to the cultivated decreased, the total output of whole crop declined. The whole country’s winter rice cultivated area reached 1,584.6 thousand hectares, a fall of 27 thousand hectares compared to the crop in 2019; the yield reached 51 quintal/ha, increased by 0.7 quintal/ha; the production reached 8.08 million tons, down 20.7 thousand tons.
Results of production of crops and some annual crops: maize output reached 4.59 million tons, a decrease of 140.3 thousand tons compared to 2019; sweet potato reached 1.37 million tons, down 57.5 thousand tons; sugarcane reached 11.88 million tons, down 3.44 million tons; cassava reached 10.49 million tons, an increase of 313 thousand tons; groundnut reached 425.5 thousand tons, down 17.1 thousand tons; soybean reached 65.7 thousand tons, down 11.6 thousand tons; the output of vegetables of all kinds reached 18.33 million tons, an increase of 339.1 thousand tons.
In December buffalo population was estimated to decrease by 2.2% compared with that of the same period last year; cattle population increased by 2.5%; the total poultry population increased by 6%; pig population increased by 17%. Production living weight of kinds well reached this year, of which production of buffalo living weight reached 95.8 thousand tons, rising by 1.4% (in the last quarter, it reached 26.8 thousand tons, an increase of 0.4%); production of cattle living weight reached 371.5 thousand tons, rising by 4.6% (it was recorded to reach 98.9 thousand tons in the fourth quarter, an increase of 1.5%); production of pig living weight was estimated at 3,484.9 thousand tons, rising by 4.4% compared to 2019 (reached 991.8 thousand tons in the last quarter, rising by 30%); cow milk production reached 1,086.3 thousand tons, rising by 10.2% (the fourth quarter reached 287.1 thousand tons, rising by 10.9%); production of poultry living weight in 2020 was estimated at 1,453.7 thousand tons, rising by 11.6% compared to 2019 (in the last quarter, it reached 379 thousand tons, rising by 7.1%); production of poultry eggs reached 14.7 billion eggs, rising by 10.5% (reached 3.8 billion eggs in the fourth quarter, rising by 7.2%).
As of December 24, 2020, the country was no longer recorded cases of blue ear disease in pigs. Some of diseases were still remain in some localities for less than 21 days: avian influenza was still in Nghe An; foot and mouth disease remained in Lang Son, Yen Bai, Kon Tum, Dak Lak, Tra Vinh; African swine fever was reported in 259 communes in 94 districts of 27 provinces and central cities.
b) Forestry
In 2020, the new concentrated forests area was estimated at 260.5 thousand hectares, decreased by 3.2% over the same period last ( In the fourth quarter of 2020 was estimated at 91 thousand hectares, falling by 4.2% compared to that of the same period last year); number of dispersed trees reached 94.6 million trees, falling by 1.6%; production of wood reached 16.9 million m3, up 3.7% (in the fourth quarter of 2020 reached 4,800 thousand m3, raising by 7.3%); firewood production reached 18.9 million ste, falling by 1% (in the fourth quarter of 2020 reached 4.5 million ste, falling by 4.3%). The devastated forest area was 1,464.3 hectares, falling by 45.6% over the same last year, of which the fired forest area was 645.3 hectares, decreased by 67.8%; area of cut and destroyed forest was 819 hectares, rising by 19.4%.
c) Fishery
Fishery production in the fourth quarter of 2020 was estimated at 2,286.6 thousand tons, rising by 2.2% over the same period last year. Over all 2020, total fisheries production was estimated at 8,423.1 thousand tons, up to 1.8% over the previous year, of which quaculture production this year was estimated at 4,559.2 thousand tons, up 1.5% over the previous year; catching production in 2020 was estimated at 3,863.9 thousand tons, rising by 2.3% over the previous year (in the fourth quarter, it was 943.5 thousand tons, went up 2.8%).
3. Industry production
The Covid-19 pandemic was well controlled in the country, the EU and Vietnam Free Trade Agreement (EVFTA) has been implemented, so industrial production in the fourth quarter of 2020 has prospered with an increase in value added by 4.8% over the same period last year. For the whole year 2020, the added value of the industry increased by 3.36% compared to 2019, of which the manufacturing increased by 5.82%, playing a key role in leading the overall growth of industry and the whole economy.
The added value of the whole industry in 2020 was estimated to increase by 3.36% over the previous year (increased by 5.1% in the first quarter; by 1.1% in the second quarter; by 2.34% in the third quarter; by 4.80% in the fourth quarter). Of which, the processing and manufacturing industry increased by 5.82% ( increased by 7.12% in the first quarter; 3.38% in the second quarter; 3.86% in the third quarter; 8.63% in the fourth quarter), contributed 1.25 percentage points to the overall growth of the whole economy; electricity production and distribution increased by 3.92%, contributed 0.19 percentage points; water supply, waste and wastewater management and treatment rose by 5.51%, contributing 0.04 percentage points; the mining sector decreased by 5.62% (due to the decrease in crude oil production by 12.6% and natural gas by 11.5%), decreasing 0.36 percentage points in the general growth.
The index of industrial shipment (IIS) of the manufacturing in December/2020 decreased by 2.3% over the previous month and increased by 6.9% over the same period last year. Overall, in 2020, the IIS of the manufacturing activities increased by 3.3% compared to last year.
The Inventory index of the manufacturing as of December 30, 2020 increased by 25.3% over the same period last year (13.6% in the same time in 2019); the average index of industrial inventory of the manufacturing in 2020 reached 71.9% (68.8% in 2019).
4. Enterprise activities
With the determination and efforts of the Government and the business community in the face of the negative effects of the Covid-19 pandemic, the business registration situation in 2020 had remarkable results. In 2020, the whole country had 134.9 thousand newly established enterprises, a decrease of 2.3% compared to last year but the average registered capital of an enterprise reached 16.6 billion VND, an increase of 32.3%. Results on the business tendency survey of the manufacturing enterprises showed that enterprises continue to be optimistic about the business production situation in the first quarter of 2021and 81% of enterprises suppose the situation would be more stable and better.
a) Enterprise registration status[10]
In December 2020, the whole country had nearly 10.7 thousand newly established enterprises with a registered capital of 356.8 trillion VND, and a total number of registered employees of 73 thousand employees, a decrease of 18.4% in the number of enterprises, an increase of 25.3% in the registered capital, and a decrease of 39% in the number of employees compared to last month. The average registered capital of an enterprise reached 33.4 billion VND; an increase of 53.4% compared to last month and rose by 144.6% compared to the same period in 2019. In the month, there were 5,358 re-operated enterprises in the whole country, an increase of 0.8% compared to the previous month and rose by 54.6% compared to the same period in 2019; 2,251 enterprises ceased for a certain period of time, a decrease of 18.8% and an increase of 9.8%; 5,419 enterprises temporarily ceased and awaited dissolution procedures, an increase of 21.2% and a decrease of 16.7%; 2,021 enterprises completed dissolution procedures, rose by 4.1% and 8.2%.
Generally, in 2020, the whole country had 134.9 thousand newly registered enterprises with a total registered capital of 2,235.6 trillion VND and the total number of registered employees of 1,043 thousand employees, a fall of 2.3% in the number of enterprises, an increase of 29.2% in number the registered capital and a decrease of 16.9% in the number of employees compared to last year. The average registered capital of a newly established enterprise in 2020 achieved 16.6 billion VND, climbing up 32.3% compared to 2019. If including 3,341.9 trillion VND of the additionally registered capital of 39.5 thousand enterprises that recorded an upward adjustment of capital, the total additional registered capital in the economy of this year was nearly 5,577.6 trillion VND, rose by 39.3% compared to last year. Besides, there were 44.1 thousand re-operated enterprises, an increase of 11.9% over 2019, bringing the total number of newly registered enterprises and re-operated enterprises in 2020 up 179 thousand enterprises, rose by 0.8% compared to last year. Average each month, 14.9 thousand newly established enterprises and re-operated enterprises.
In 2020, there was 101.7 thousand enterprises ceased for a certain period of time, temporarily ceased and awaited dissolution procedures, completed dissolution procedures, increasing by 13.9% over the previous year, of which: The number of enterprises ceased for a certain period of time was 46.6 thousand enterprises, increasing by 62.2% compared to 2019; nearly 37,7 thousand enterprises temporarily ceased and awaited dissolution procedures, a decline of 13.8%; nearly 17,5 thousand enterprises completed dissolution procedures, an increase of 3.7%, average each month, there was nearly 8.5 thousand enterprises withdrawing from the market.
b) Business trends of the enterprises
The Results of the business tendency survey of manufacturing enterprises in the fourth quarter of 2020 showed that: 40.6% of enterprises assessed the business production situation in the fourth quarter of this year was better than previous quarter; 24.7% of enterprises assessed that facing difficulties and 34.7% of enterprises said that the business production situation was stable. For expected outcome of the first quarter in 2021, 42.8% of enterprises presented that the tendency would be better; 19% of enterprises predicted that it would be more difficult and 38.2% of enterprises said that the business production situation would be stable.
5. Service activities
In 2020, the Covid-19 pandemic happened complicatedly in the world but still well controlled domestically, so the trade and consumer service activities still reached a high increase in the last months of the year. Domestic transport activity gradually recovered, but overseas transportation and tourism still faced many difficulties.
In the fourth quarter, gross retail sales of consumer goods and services was estimated at 1,387.6 trillion VND, going up by 6.4% over that in the previous quarter and up 8% over the same period last year. In 2020, gross retail sales of consumer goods and services reached 5,059.8 trillion VND, rising by 2.6% over the previous year, if excluding the price factor, the decrease was 1.2% (in 2019 increased by 9.5%).
Passengers carriage in the fourth quarter reached 913.3 million persons, decreased by 31.2% and 43.4 billion passengers-km, reduced by 31.5% compared to the same period last year. Generally for whole year 2020, passengers carried reached 3,561.9 million passengers, a decrease of 29.6% over the same period last year (increased by 11% in the same period in 2019) and passengers traffic gained 163 billion passengers-km, a decline of 34.1% (increased by 10.9% in 2019). Freight carried in the fourth quarter of this year was estimated at 508.7 million tons, increased by 0.7% compared to the same period last year, and 95.8 billion tons.km, reduced by 3.7%. Generally for the whole year of 2020, freight carried reached 1,774.6 million tons, reduced by 5.2% against the similar period last year (rose by 9.7% in 2019) and freight traffic gained 339.4 billion tons-km, went down by 6.7% (an increase of 7.8% in 2019).
Telecommunications revenue in the fourth quarter of 2020 was estimated at 102.8 trillion VND, a decrease of 1.3% compared to the same period last year (if excluding the price factor, the increase was 4.1%). Generally, for whole year 2020, telecommunications revenue was estimated to reach 381 trillion VND, a decrease of 0.6% compared to last year (if excluding the price factor, the increase was 4.1%).
The number of international visitors to Viet Nam in December was estimated at 16.3 thousand arrivals, reduced by 8.1% over the previous month and decreased by 99% compared to the same period last year. Generally, for whole year, international visitors to Viet Nam were estimated at 3,837.3 thousand arrivals, moving down by 78.7% compared to the last year.
6. Banking, insurance, security activities
In 2020, the State Bank of Vietnam adjusted the operating rate to create conditions for the economy to recover quickly from effects of the Covid-19 pandemic. Insurance business has been developed stably and safely in the context of complicated pandemic; capital mobilization for the economy of the stock market increased by about 20% over the previous year.
As of December 21st, 2020, the total liquidity increased by 12.56% compared to the end of 2019 (at the same time in 2019 was 12.1%); capital mobilization from credit institutions increased by 12.87% (at the same time in 2019 was 12.48%); credit growth of the economy reached 10.14% (at the same time in 2019 was 12.14%).
Insurance premium revenue of the entire insurance market in the fourth quarter of 2020 was estimated to increase by 16% over the same period last year. In the whole year 2020 premium revenue of the whole insurance market was estimated to increase by 17% over the previous year, of which life insurance premium revenue increased by 21%; non-life insurance increased by 7%.
As of December 17, 2020, the total capital mobilization of the stock market reached VND 383.6 trillion, an increase of 20% over the same period last year; the average transaction value reached VND 7,056 billion/session, up 51.5% compared to the average of 2019; the average trading value on the market reached 10.247 billion VND per session, a rise of 11.3% over the average of last year; In the derivative stock market, the average trading volume of future contracts on the VN30 index from the beginning of this year reached 157.314 contracts per session, an increase of 77% over the average of the previous year.
7. Development investment
The realized investment in 2020 increased by 5.7% compared to 2019, the lowest increase in the period 2011-2020 due to the negative impact of Covid-19 epidemic on all activity. However, the growth of realized investment capital under the State budget in2020 reached the highest increase in the period 2011 – 2020, which is the result of accelerated implementation and disbursement of public investment, in order to maintain economic growth in the context of the well-controlled Covid-19 epidemic in Viet Nam.
Generally in 2020, the realized social investment capital at current prices was estimated at 2,164.5 trillion VND, increasing by 5.7% over the last year and equaling 34.4% of GDP (in the 4th quarter of 2020 was at 719.6 trillion VND, inceasing by 7.5% compared to the same period of 2019), of which: the investment capital of the state sector reached 729 trillion VND, accounting for 33.7% of the total capital and increasing by 14.5% compared to last year; the non-state sector gained 972.2 trillion VND, accounting for 44.9% and rising by 3.1%; the foreign direct investment recorded 463.3 trillion VND, accounting for 21.4% and decreasing by 1.3%.
The foreign direct investment capital from the beginning of the year to 20th December 2020 including newly registered capital, adjust registered capital and total value of capital contribution and share purchases reached 28.5 billion USD, a decrease of 25% compared to 2019. Of which, 2,523 newly licensed projects with a registered capital of 14.6 billion USD, an decrease of 35% in the number of projects and a decrease of 12.5% in registered capital compared to the same period in 2019; 1,140 turns of projects which were licensed in the previous year’s registered to adjust investment capital with the additional capital of 6.4 billion USD, up 10.6% over the last year; 6,141 turns of capital contribution and share purchases of foreign investors with a total value of capital contribution of 7.5 billion USD, a drop of 51.7% over the same period in 2019. In the number of turns of capital contribution and share purchases of foreign investors, there were 1.695 turns of capital contribution capital and share purchase increased charter capital of the enterprise with the value of contributed capital of 3.2 billion USD and 4.446 turns of foreign investors repurchased domestic shares without increasing the charter capital with a value of 4.3 billion USD. Foreign direct investment capital in 2020 reached 20 billion USD, a drop of 2% over last year.
Vietnam’s outward investment in 2020 had 119 projects which were granted newly investment certificates with a total capital of 318 million USD; 33 turns of capital adjusted projects with an additional capital of 272 million USD. Generally, the total outward investment of Vietnam (newly granted and supplementary capital) in 2020 reached 590 million USD, a growth of 16.1% over 2019.
8. State budget revenue and expenditure
The Covid-19 pandemic was strictly controlled, all sectors of the economy have been gradually improved, so the State budget revenue in the first 15 days of December 2020 increased by more than 9.2 trillion dongs over the same period last month. State budget expenditures to promptly and fully meet tasks of spending on socio-economic development, national defense and security, State management and payment of due debts …, especially supporting people facing difficulties caused by the Covid-19 pandemic, overcoming consequences of natural disasters and floods.
The State budget revenue from January to December 15th, 2020 was estimated at 1,307.4 trillion dongs, equal to 86.5% of the annual plan, of which domestic revenue reached 1,101.6 trillion dongs, equal to 87.1%; crude oil revenue was 32.7 trillion dongs, equal to 92.9%; budget balance revenue from import and export activity was 172.3 trillion dongs, equal to 82.8%.
The State budget expenditure from January to December 15th, 2020 was estimated at 1,432.5 trillion VND, equal to 82% of the annual plan, of which current expenditure was 966.7 trillion VND, equal to 91.5%; investment and development expenditure was 356 trillion dongs, equal to 75.7%; interest payment witnessed 98.8 trillion VND, equal to 83.6%.
9. Export and import of goods and services
The year 2020 recorded strong efforts of import and export activities in the context of domestic as well as the world economy negatively affected by the Covid-19 pandemic and the global trade disruption. Total import and export turnover of goods in 2020 was estimated at 543.9 billion USD, increased by 5.1% over the last year. Of which, export turnover of goods reached 281.5 billion USD, a rise of 6.5%, import turnover of goods gained 262.4 billion USD, rose by 3.6%[11]. The trade balance of goods in 2020 saw an estimated trade surplus of 19.1 billion USD[12].
a) Export and import of goods[13]
Export turnover in November 2020 reached 25,238 million USD, 438 million USD higher than estimated figure announced. Export turnover in December 2020 was estimated at 26.5 billion USD, increased by 5% over the previous month, and increased by 17.6% compared to the same period last year. Generally, in 2020, the export turnover was estimated at 281.5 billion USD, rose by 6.5% over 2019, of which, the domestic economic sector was 78.2 billion USD, went down by 1.1%, accounting for 27.8% of total export turnover; the FDI sector (including crude oil) attained 203.3 billion USD, rose by 9.7%, sharing 72.2%. In 2020, there were 31 products with export turnover of over 1 billion USD, contributing 91.9% to the total export turnover (6 products with export turnover of over 10 billion USD, accounting for 64.3%)
Regarding the structure of export commodity groups in 2020, the group of heavy industry products and minerals was estimated at 152.5 billion USD, went up by 11.3% over the same period last year. The group of light industry and handicraft products was estimated at 100.3 billion USD, jumped up by 2.4%. Agricultural and forestry products reached 20.3 billion USD, went down by 1.9% and accounting for 7.2% (a decrease of 0.6 percentage points). The group of fishery products reached 8.4 billion USD, down 1.8%.
Regarding the export commodity market in 2020, the United States was Vietnam’s largest export market with a turnover of 76.4 billion USD, up 24.5% over the last year; the following was China market with 48.5 billion USD, going up by 17.1%; The EU with 34.8 billion USD, declining by 2.7%; ASEAN market with 23.1 billion USD, a decrease of 8.7%; Japan with 19.2 billion USD, declining by 5.7%; South Korea with 18.7 billion USD, an decrease of 5.1%.
Import turnover of goods in November reached 24,692 million USD, 492 million USD higher than the estimated figure, import turnover in December 2020 was estimated at 27.5 billion USD, expanded by 11.4% over the previous month, and increased by 22.7% over the same period last year.
In the fourth quarter of 2020, the import turnover reached 76.4 billion USD, rose by 15.7% over the same period in 2019 and grew by 10.7% compared to the third quarter of this year. Generally, in 2020, the import turnover was estimated at 262.4 billion USD, increased by 3.6% over 2019, of which the domestic economic sector reached 93.6 billion USD, went down by 10%; the FDI sector gained 168.8 billion USD, up 13%.
In 2020, there were 35 imported products with turnover of over 1 billion USD, accounting for 89.6% of total import turnover (4 products with import turnover of over 10 billion USD, accounting for 49.4%).
Regarding the structure of imported goods in 2020, the group of input materials was estimated at 245.6 billion USD, went up by 4.1% over last year and accounted for 93.6% of total import turnover; consumer goods group was estimated at 16.8 billion USD reduced 3.8% and accounted for 6.4%.
Regarding imported goods market in this year, China remained the largest import market of Vietnam with a turnover of 83.9 billion USD, jumped up by 11.2% over last year; the following was the Korean market with 46.3 billion USD, reduced by 1.5%; ASEAN market with 30 billion USD, declining by 6.9%; Japan with 20.5 billion USD, going up by 5%; EU market with 14.5 billion USD, expanding by 3.5%; The United States with 13.7 billion USD, a decrease of 4.9%.
The trade balance of goods in November witnessed a trade surplus of 546 million USD[14]; trade surplus for 11 months was 20.1 billion USD; trade deficit in December was estimated at 1 billion USD. Generally, in 2020, trade surplus was estimated at 19.1 billion USD[15], of which the domestic economic sector saw a trade deficit of 15.5 billion USD; the FDI sector (including crude oil) saw a trade surplus of 34.6 billion USD.
b) Export and import of services
In the fourth quarter of 2020, export turnover of services reached 820 million USD, decreased by 84.8% over the same period in 2019; import turnover of services reached 4.7 billion USD, went down by 14.6%.
In 2020, export turnover of services was estimated at 6.3 billion USD, went down by 68.4% over 2019; service import turnover in this year was estimated at 18.3 billion USD, went down by 14.5% over last year. Trade deficit of services in 2020 was 12 billion USD, nearly 2 times higher than the service export turnover and up 10.5 billion USD compared to 2019.
10. Price index, gold price index and US dollar
The price of domestic petroleum, gas increased according to the world fuel price; the rice price increased in line with the exported rice price and the increased consumer demand at the end of the year were factors that made the consumer price index in December 2020 up 0.1% over the previous month and up 0.19% over the same period last year. The average consumer price index of 2020 increased by 3.23% over 2019. Generally in the fourth quarter of 2020, CPI increased by 0.22% compared to the previous quarter, and rose by 1.38% compared to the same period of 2019.
Core inflation in December 2020 increased by 0.07% over the previous month and increased by 0.99% over last year. Average core inflation of 2020 grew up by 2.31% compared to 2019.
Domestic gold prices fluctuated according to the world gold prices. Domestically, the gold price index in December 2020 decreased by 0.83% from the previous month; an increase of 30.95% over the same period in 2019; on average, the domestic gold price in 2020 increased by 28.05% compared to 2019. The US dollar price index in December 2020 decreased by 0.23% over the previous month and decreased by 0.09% over the same period of 2019; average US dollar price index in 2020 decreased by 0.02% against 2019.
11. Some social issues
a) Population, labour and employment
The average population of Vietnam in 2020 was 97.58 million people. The quality of the population has improved, fertility has declined sharply over the past three decades and the replacement fertility rate has basically been maintained since 2005. The mortality rate remained at a low level; the average life expectancy has been increasing due to the improved achievements of medicine and the improved health care of the people. The labor and employment situation in the fourth quarter of 2020 showed many signs of prosperity compared to the previous quarter, but due to the impact of the Covid-19 epidemic, the unemployment and underemployment rate for the whole year 2020 were higher than in 2019 while the number of people employed, wages of salaried workers was lower than the previous year.
The average population in 2020 of the whole country was estimated at 97.58 million persons, an increase of 1,098.7 thousand persons, equivalent to an increase of 1.14% comparison with that in 2019. In the total of population, the urban population was 35.93 million persons, accounting for 36.8%; the rural population 61.65 million persons, accounting for 63.2%; the male population is 48.59 million persons, accounting for 49.8%; the female population 48.99 million persons, accounting for 50.2%.
In the fourth quarter of 2020, the labor force aged 15 years and over of the whole country was estimated at 55.1 million persons, an increase of 563.8 thousand persons over the previous quarter and decreased of 860.4 thousand persons over the same period last year. Generally of 2020, the labor force aged 15 years and over was 54.6 million persons, decreased by 1.2 million persons compared to the previous year.
In the fourth quarter of 2020, the employed population aged 15 years and over was estimated at 54 million persons. Generally, of this year, employed population aged 15 years and over working were 53.4 million persons, including the agriculture, forestry and fishery sector was 17.5 million persons, decreased by 7.2% compared to the same period last year; the industry and construction sector was 16.5 million persons, a rise of 0,3%; and the service sector was 19.4 million persons, increased by 0.1%.
Generally, in 2020, the unemployment rate was 2.26% (quarter I was 2.02%; quarter II was 2.51%, quarter III was 2.29%, quarter IV was 2.16%), of which the unemployment rate of labor force in the urban and the rural was 3.61% and 1.59%, respectively. The unemployment rate of labor force in working age was 2.48% (quarter I was 2.22%; quarter II was 2.73%, quarter III was 2.5%, quarter IV was 2.73%), of which the urban area was 3.88%; the rural area was 1.75%. The youth unemployment rate (aged 15 to 24 years) of 2020 was estimated at 7.1%, of which the urban and the rural was 10.63% and 5.45%, respectively. The underemployment rate at working age was estimated at 2.51% (quarter I was 2.21%; quarter II was 3.08%, quarter III was 2.79%, quarter IV was 1.89%), of which the urban and rural area was 1.68% and 2.93%, respectively.
b) Epidemic diseases
The epidemic of Covid-19 in the world continues to be complicated[16]. The 5 countries with the highest number of Covid-19 cases in the world: The United State, India, Brazil, Russia and France. In Vietnam, as of 6:00 pm on December 26th, 2020, there were 1,440 cases have been reported, 1,303 cases have been cured (35 deaths).
c) Living standards and social security
In 2020, although the life of the people across the country faced many difficulties in effecting of natural disasters and epidemics Covid-19 but with the attention of all levels, sectors from central to local level and due to the strength of the population, people’s lives were generally stable. Average monthly income per capita in 2020 at current prices was estimated at 4,190 VND. Hunger of farmer hardly appears in the last months of the year. Generally, in 2020, the whole country had 16.5 thousand households suffering from food shortage, a decrease of 75.9% over the previous year, corresponding to 66.5 thousand persons suffering from food shortage, a decrease of 76.1%. To overcome this problem, from the beginning of the year, all administrative levels, sectors and organizations from central to local level supported difficult households with 733.6 tons of rice. The multidimensional poverty rate in 2020 was estimated at 4.7%, down 1 percentage point compared to 2019.
Social security work was interested in implementing. According to the preliminary report, the total gifts awarded to policy beneficiaries, people with meritorious services and social protection beneficiaries in 2020 were more than 24.9 trillion VND, of which 13.4 trillion VND supporting for the people affected by the Covid-19 pandemic, more than 4.1 trillion supporting for the policy beneficiaries and people with meritorious services, 3.1 trillion VND to supporting for the poor, near poor and 26.6 million Health insurance cards, free health care books / cards were donated to policy beneficiaries in the nationwide. Particularly for the people affected by natural disasters, the Prime Minister decided to support localities with a budget of 2,161.8 billion VND. Supplying nearly 23 thousand tons of rice for people affected by natural disasters, of which the Central provinces were nearly 19.4 thousand tons.
d) Traffic accidents
For the whole year 2020, there were 14,510 traffic accidents nationwide, including 8,344 traffic accidents that were less serious or more, and 6,166 traffic crashes, caused 6,700 death, 4,384 people suffering from injuries, and 6,420 people were slightly injured. On average, there were 40 traffic accidents nationwide per day, including 23 traffic accidents, and 17 traffic crashes, causing 18 deaths, 12 people injured, and 18 people were slightly injured.
e) Damages caused by natural calamity
In 2020, natural disasters will occur consecutively, with complicated developments with 14 storms; 265 thunderstorms, tornadoes, heavy rain; 120 floods, flash floods, landslides and droughts, saltwater intrusion left 379 people dead and missing, 1,060 injured; 4.3 thousand houses collapsed, swept away; 594.9 thousand houses were damaged; Nearly 269 thousand hectares of rice and 134.9 thousand hectares of crops were damaged; 38.6 thousand cattle and 4.1 million poultry died; total property damage was estimated at 39.1 trillion VND, of which damage from storms and floods was 32.3 trillion VND (accounting for 82.8% of the total damage).
Generally, in the context of the Covid-19 epidemic causing a great shock leading to the world economy and global trade deeply and seriously declined, the socio-economic picture of Vietnam in 2020 continues to remain stable, determining and achieving positive results in all fields thanks to the timely and drastic direction of the Government, the Prime Minister, the efforts of all levels, sectors, localities, and business communities, industry, and people nationwide./.
[1] GDP growth rate of quarter fourth in the period 2011-2020 was respectively: 6.71%; 5.57%; 6.05%; 6.96%; 7.01%; 6.68%; 7.65%; 7.31%; 6.97%; 4.48%.
[2] GDP growth rate of 2011-2020 was accordingly: 6.24%; 5.25%; 5.42%; 5.98%; 6.68%; 6.21%; 6.81%; 7.08%; 7.02%; 2.91%.
[3] The added value growth rate of agriculture in 2011-2020 was regardingly: 4.16%; 2.57%; 2.19%; 2.51%; 2.03%; 0.72%; 2.07%; 2.89%; 0.61%; 2.55%.
[4] The added value growth rate of fishery in 2011-2020 was respectively: 4.34%; 3.75%; 3.82%; 6.53%; 2.80%; 2.80%; 5.54%; 6.46%; 6.30%; 3.08%.
[5] The added value growth rate of industry in 2011-2020 was accordingly: 9.46%; 8.20%; 4.93%; 6.32%; 9.39%; 7.06%; 7.85%; 8.79%; 8.86%; 3.36%.
[6] The added value growth rate of manufacturing in 2011-2020 was in succession: 14.08%; 9.05%; 7.22%; 7.41%; 10.60%; 11.90%; 14.40%; 12.98%; 11.29%; 5.82%.
[7] The added value increase/decrease growth rate of construction in 2011-2020 was in turn: -0.26%; 3.66%; 5.84%; 6.93%; 10.82%; 10.0%; 8.70%; 9.16%; 9.10%; 6.76%.
[8] The added value growth rate of services in 2011-2020 was successively: 7.47%; 6.71%; 6.72%; 6.16%; 6.33%; 6.98%; 7.44%; 7.03%; 7.30%; 2.34%.
[9] Labour productivity in 2019 reached 4.791 USD/employee.
[10]Source: National Enterprise Registration Information System, Business Registration Management Agency, Ministry of Planning and Investment.
[11] Total export and import turnover in 2019 reached 517.7 billion USD, jumped up by 7.7% over the same period last year, of which exports reached 264.3 billion USD, went up by 8.4%; import reached 253.1 billion USD, edged up by 6.8%.
[12] Trade surplus value in the period 2016-2020 is respectively: 1.6 billion USD; 1.9 billion USD; 6.5 billion USD; 10.9 billion USD; 19.1 billion USD.
[13] Data in December 2020 meeting by an interdisciplinary team consisting of the Ministry of Industry and Trade, the Ministry of Planning and Investment, the State Bank of Vietnam, the General Department of Customs and the General Statistics Office meeting estimates based on export turnover figures, import as of December 24, 2020 of the General Department of Customs combined with market information, the proportion and trend of export and import of goods. The General Statistics Office received and updated the report on the afternoon of December 25, 2020.
[14] Trade surplus in November was estimated at 600 million USD.
[15] Of which, in 2020, trade surplus to the EU reached 20.3 billion USD, went down by 6.8% compared to the last year; trade deficit from China was 35.4 billion USD, increased by 4%; trade deficit from South Korea was 27.6 billion USD, increased by 1%; trade deficit from ASEAN was 6.9 billion USD, declined by 0.6%.
[16] As of 6:00 pm on December 26th, 2020, in the world there were 80,281.3 thousand cases of Covid-19 (1,759.1 thousand deaths)