Vietnam GDP could top Singapore’s this year: IMF

[AViet]

Well, on the national level, China has never revised its GDP figure by even close to such a %...
And a GDP per capita of $3,500? That means vietnam has reached the level China in 2008?

https://en.wikipedia.org/wiki/List_of_countries_by_past_and_projected_GDP_(nominal)_per_capita

Even consider the inflation o wit dollar... It should be not far off...
But just compare a few indicators, for example, car sales number, in 2008, China sold ~ 10 million cars, while vn today their cars sales figure is barely 1/30 of China in 2008... So you can see what's their real GDP figure, should be even less than before the revision...
I think IMF should do their own study to give the GDP number... Not by an 'announcement' of the government, which is just like a big big joke...

BTW, vn looks slightly better than india, and that's it, but to say vn has reached the level of China in 2008 is a big big joke to me...lol...

Agree. China in 2002 with GDP per capita of $800 was far more developed than Vietnam today, judging from various indicators.

And most Vietnamese does not care about new data. It changes nothing in real life.

 

[FairAndUnbiased]

Well, on the national level, China has never revised its GDP figure by even close to such a %...
And a GDP per capita of $3,500? That means vietnam has reached the level China in 2008?

https://en.wikipedia.org/wiki/List_of_countries_by_past_and_projected_GDP_(nominal)_per_capita

Even consider the inflation of dollar... It should be not far off...
But just compare a few indicators, for example, car sales number, in 2008, China sold ~ 10 million cars, while vn today their cars sales figure is barely 1/30 of China in 2008... So you can see what's their real GDP figure, should be even less than before the revision...
I think IMF should do their own study to give the GDP number... Not by an 'announcement' of the government, which is just like a big big joke...

BTW, vn looks slightly better than india, and that's it, but to say vn has reached the level of China in 2008 is a big big joke to me...lol...

China has the education, consumption and health indicators of a mid income European country like Portugal, and the R&D, market and scale equal to the US.

China punches far above our GDP per capita weight.

Other countries actually have misleadingly high GDP per capita without the consumption or tech to show for it.

 

[925boy]

Congrats Vietnam..keep marching onwards.

 

[+4vsgorillas-Apebane]

Where would you rather live, Vietnam or India?

I would live in Vietnam 1,000,000,000 %

In fact I would rather live in Vietnam during the 1980s compared to 2020 India.

 

[Viet]

What is the reason behind that 25 % GDP calculation based increase stated in Vietnamese news cited by @Kai Liu since the report doesnt tell the reason of it ???

Vietnam GDP is 245 billion USD (2.566 USD per capita) in 2018 while GDP in 2020 will be 340 billion USD according to that news which is impossible to be reached considering the growth in 2019 is 7 % and in 2020 is predicted to be about 2 %, not enough for that sudden change.

Vietnam has over 5.2 million households business that were not calculated in the previous Gdp. The 25 percent increase is very conservative, in the low end.

 

[Kai Liu]

Vietnam has over 5.2 million households business that were not calculated in the previous Gdp. The 25 percent increase is very conservative.

What kind of 'households business' are you talking about? Assuming every household has 4 people, then you have over 20 million people self-employed by 'household business' which is not counted as GDP? You are kidding me, right?

Where would you rather live, Vietnam or India?

I would live in Vietnam 1,000,000,000 %

In fact I would rather live in Vietnam during the 1980s compared to 2020 India.

Credit where credit's due, vn is better than india for sure, better education, cleaner, and more organized. But should not brag too hard like indians...

 

[Viet]

What kind of 'households business' are you talking about? Assuming every household has 4 people, then you have over 20 million people self-employed by 'household business' which is not counted as GDP? You are kidding me, right?

Credit where credit's due, vn is better than india for sure, better education, cleaner, and more organized. But should not brag too hard like indians...

That is something like this (that no longer exists in China) with family members from one to four people. Not bragging. I report the news for some readers who may have interests. Like people in Indonesia.
They sell foods at the sidewalk. 7 days a week.
35,000 VND for a beef bottle. That’s about $1.5. They make $1,000 per day.

 

[Kai Liu]

That is something like this (that no longer exists in China) with family members from one to four people. Not bragging. I report the news for some readers who may have interests. Like people in Indonesia.
They sell foods at the sidewalk. 7 days a week.
35,000 VND for a beef bottle. That’s about $1.5. They make $1,000 per day.

$1.5 and make $1,000 per day...LMAO... So a family shop like that can sell ~700 bottle per day? So a shxtty shop like that is a ~half-million $ revenue enterprise? You really love to boast and are beyond saving...
BTW, this kind of economy exists everywhere, street vendors, short term hired construction/decoration workers, craftsmen, etc, etc, for example, college students here makes thousands to tens of thousands RMB per month before they graduate, just by mentoring kids, such as give them piano, dance, basketball lessons, etc... Nothing special at all...

 

[Indos]

Vietnam has over 5.2 million households business that were not calculated in the previous Gdp. The 25 percent increase is very conservative, in the low end.

Well 60 percent of Indonesian GDP is contributed from micro,small, and medium business. Most of the business is in informal sector and they dont pay tax. Our tax ratio is very small, even smaller than Cambodia.

Maybe @Mista can help explain what may the reason behind suddent 30 % GDP jump in Vietnam due to calculation

 

[Kai Liu]

Well 60 percent of Indonesian GDP is contributed from micro,small, and medium business. Most of the business is in informal sector and they dont pay tax. Our tax ratio is very small, even smaller than Cambodia.

Maybe @Mista can help explain what may the reason behind suddent 30 % GDP jump in Vietnam due to calculation

So you mean indonesia GDP is going to jump by 60% like vn did?
Come on, such form of economy is nothing special, and majority of them are already included in the GDP by your statistic department... And matter of fact, they are very inefficient and insignificant as compared to those multinational agglomerates...One should not exaggerate its significance like the viet...

 

[Indos]

So you mean indonesia GDP is going to jump by 60% like vn did?
Come on, such form of economy is nothing special... And matter of fact, very inefficient and insignificant as compared to those multinational agglomerates...One should not exaggerate its significance like the viet...

What I want to say is that somehow our statistic can still be able to calculate correct GDP despite most of our GDP is contributed from this sector. I dont try to infer that our real GDP should be higher, I just want to say that statistician has the ability to measure informal economy impact although I dont know how they can do that. Indonesian farmer also dont pay tax and most agricultural products are sold in traditional market where all of the sellers are also not paying tax but regardless on that Indonesian statistic is always able to measure our agriculture industry impact in our economy.

This is from Indonesia Finance Minister (2016)

In her speech Indrawati stated that Indonesia's micro, small and medium sized enterprises are the backbone of the Indonesian economy. These enterprises account for 99 percent of the total amount of enterprises that are operating in Indonesia and they create a total of 107.6 million jobs in Southeast Asia's largest economy. Moreover, Indonesia's micro, small and medium-sized companies contribute 60.6 percent to Indonesia's gross domestic product (GDP). All these facts indicate the importance of the existence of these companies. In fact, they cushion the country's economy in times of shocks. However, the majority of these companies do not pay taxes, while most workers belong to the informal sector.

Indonesian Economy: Micro, Small & Medium Sized Enterprises | Indonesia Investments

Indonesia's Finance Minister Sri Mulyani Indrawati emphasizes the importance of cooperation between the government and Indonesia's micro, small and medium enterprises (including start ups). Indrawati spoke at the 12th World Islamic Economic Forum (WIEF) that opened on Tuesday (02/08) in Jakarta...

www.indonesia-investments.com

 

[Kai Liu]

What I want to say is that somehow our statistic can still be able to calculate correct GDP despite most of our GDP is contributed from this sector. I dont try to infer that our real GDP should be higher, I just want to say that statistician has the ability to measure informal economy impact although I dont know how can they do that. Indonesian farmer also dont pay tax but regardless on that Indonesian statistic always able to measure our agriculture industry impact on our economy.

This is from Indonesia Finance Minister (2016)

In her speech Indrawati stated that Indonesia's micro, small and medium sized enterprises are the backbone of the Indonesian economy. These enterprises account for 99 percent of the total amount of enterprises that are operating in Indonesia and they create a total of 107.6 million jobs in Southeast Asia's largest economy. Moreover, Indonesia's micro, small and medium-sized companies contribute 60.6 percent to Indonesia's gross domestic product (GDP). All these facts indicate the importance of the existence of these companies. In fact, they cushion the country's economy in times of shocks. However, the majority of these companies do not pay taxes, while most workers belong to the informal sector.

Indonesian Economy: Micro, Small & Medium Sized Enterprises | Indonesia Investments

Indonesia's Finance Minister Sri Mulyani Indrawati emphasizes the importance of cooperation between the government and Indonesia's micro, small and medium enterprises (including start ups). Indrawati spoke at the 12th World Islamic Economic Forum (WIEF) that opened on Tuesday (02/08) in Jakarta...

www.indonesia-investments.com

OK, agree. from the statement, it said they are included in the GDP, but do not pay tax.

 

[Viet]

$1.5 and make $1,000 per day...LMAO... So a family shop like that can sell ~700 bottle per day? So a shxtty shop like that is a ~half-million $ revenue enterprise? You really love to boast and are beyond saving...
BTW, this kind of economy exists everywhere, street vendors, short term hired construction/decoration workers, craftsmen, etc, etc, for example, college students here makes thousands to tens of thousands RMB per month before they graduate, just by mentoring kids, such as give them piano, dance, basketball lessons, etc... Nothing special at all...

Hey you brag. why we can’t brag? We just copy you. Beijingwalker brags in a video girls get full with $0.4 meals. In Xinjang. How can you become a superpower by selling $0.4 meals?

 

[nufix]

So you mean indonesia GDP is going to jump by 60% like vn did?
Come on, such form of economy is nothing special, and majority of them are already included in the GDP by your statistic department... And matter of fact, they are very inefficient and insignificant as compared to those multinational agglomerates...One should not exaggerate its significance like the viet...

Could be, but as Indos said, the scale of the informal economy is hard to measure. The current inclusion of it in the GDP of Indonesia is based on prediction and the last time it was measured was in mid 2000's. As Indonesia is strengthening its taxation system, maybe we could see the scale of the informal economy more accurately.

 

[Kai Liu]

Could be, but as Indos said, the scale of the informal economy is hard to measure. The current inclusion of it in the GDP of Indonesia is based on prediction and the last time it was measured was in mid 2000's. As Indonesia is strengthening its taxation system, maybe we could see the scale of the informal economy more accurately.

Underground economy is very big in developing countries including China. Nothing special. It is very difficult to count all of them into GDP. So the 25% jump of GDP by vn is just very very absurd...