General Statistics Office re-evaluates GDP scale

ABO/NDO – Director General of the General Statistics Office (GSO) Nguyen Bich Lam said that the GSO is conducting the re-evaluation of the Gross Domestic Product (GDP) scale of Vietnam, emphasising that it is a regular and periodic task of any national statistical office in the world.

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Lam made the statement at a press briefing held in Hanoi on August 16 on the re-evaluation of GDP scale.

Re-assessing the scale of GDP is not a new way of calculation, but to calculate GDP correctly and sufficiently for comparison with the previous years and the way of calculating Vietnam's GDP is now in accordance with international practice, Lam affirmed.

The GSO is using three methods of production, expenditure and income to calculate GDP. Lam noted that this is not the first time that the GSO has conducted the re-evaluation of GDP scale as in 2013, the GSO also re-evaluated Vietnam’s GDP scale in the 2008-2012 period.

The re-assessment of the scale of GDP is an essential task to ensure the compliance with international practices while reflecting accurately the scale and capacity of the economy and enhancing the national economic position in the region and the world, according to the GSO.

Therefore, the proper assessment of the scale and the growth rate of GDP targets of the entire economy and Gross Regional Domestic Product (GRDP) of localities is of great significance to ensure the adequacy of GDP scale and international comparison.

The revaluation of GDP will help to give the right direction for the country's development in the next 10 years and peg down plans for the next five years from 2021 to 2025.

(Source: NDO)