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The underground economy will be included in GDP from 2020

Saturday - 16/02/2019 19:10
The General Statistics Office will be the focal point, primarily responsible for researching methods of measuring and developing an unobserved list of economic activities.
Prime Minister Nguyen Xuan Phuc has just signed the approval of an un-observed economic sector statistical scheme, in order to fully and comprehensively reflect the scope and scale of the economy.

According to the content of this project, 5 groups of economic activities have not been observed, including underground economy, illegal economy, unofficial economy, un-observed economy, self-consumption economy of family and other economic activities are missing in the statistical data collection program.

The General Statistics Office (Ministry of Planning and Investment) will be the focal point, responsible for studying the theoretical basis of measurement and developing a list of unobserved economic activities and selecting measurement methods, make sure not to miss, duplicate. The agency is also responsible for measuring testing from this year (2019), and officially from 2020. Every year the above data will be updated to the gross domestic product (GDP), the total product in the area, central provinces and cities (GRDP) and other socio-economic indicators. Estimated, preliminary and official data ... will be published in the first  quarter, second quater, 6 months, third quarter, 9 months and the whole year according to the Statistics Law.

Statistical agencies will use statistical methods directly, indirectly or estimated by method of macroeconomic modeling ... to measure regional economic activities that have not been observed.

In addition to the main responsibility of the General Statistics Office, the Prime Minister asked other ministries and agencies to determine the scope and scale of economic activities that have not yet observed and updated the list of activities in the field of governance directly and send to General Statistics Office. The Ministry of Finance cooperates with the Ministry of Planning and Investment to allocate funds from the state budget with activities to implement this project.

Regarding economic statistics that have not been observed in GDP, at the meeting of the Resident Representative of the Office of the International Monetary Fund (IMF) in Vietnam Jonathan Dunn on February 14, Prime Minister Nguyen Xuan Phuc proposed The IMF helps Vietnam calculate this economic sector "objectively, closely, honestly and scientifically".

Mr. Jonathan Dunn believes that IMF will help Vietnam better measure national output, because even official economic statistics in Vietnam's GDP have not been fully reflected when GDP of Vietnam has weighted numberic, which has been updated only once every 10 years, most recently in 2012. Meanwhile, the structure of Vietnam's economy has changed dramatically over time. Therefore, he believes that, when updating GDP calculation, nominal GDP of Vietnam will change significantly.

Author: Translated by CoPhieuViet.Com

Source: Vnexpress newspaper

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