The General Statistic Office of Viet Nam (GSO) announced yesterday it has started a process to revise the country’s GDP calculation.
The unobserved economy is not a recent phenomenon, so not a new concept. Concern about the influence of unmeasured economic activities has been growing since the beginning of the 20th century.
Việt Nam will officially measure the non-observed economy in 2020 to take stock of economic activity taking place unlawfully or at an unregistered household level, under a project recently approved by Prime Minister Nguyễn Xuân Phúc.
An entrenched cash using habit and safety concerns are the main reasons for people not to switch to non-cash payments, a workshop heard in HCM City on January 15.
After much debate over the true nature of undocumented market transactions in Việt Nam, otherwise known as the shadow economy, officials have again postponed the release of an accredited study on the matter.
Despite concerns from economic experts about the undetermined scale and scope of Việt Nam’s undocumented market transactions, authorities are adamant that the illicit economy is under control and will soon be regulated heavily.
The size of Vietnamese domestic enterprises is shrinking, according to the latest data from the 2017 economic census. Experts said this signals improvements in the country’s business environment.
Prime Minister Nguyễn Xuân Phúc asked the Ministry of Planning and Investment to offer the Government solutions to boost economic development and turn Việt Nam into a “new tiger” of Asia.