Economic Growth
GDP Growth Rate in the period 2016-2021
Figure 17 Show the GDP Growth Rate in the period 2016-2021
In general, the size of Vietnam's GDP always tends to increase in the period from
2016 to 2021 On average, in the period 2016 - 2019, the GDP growth rate reached 6.78% Especially, 2018 and 2019 achieved impressive growth results with growth rates of 7.08% and 7.02% respectively.
By 2020, the economic growth rate slowed to 2.91%, with a further decline to 2.58% in 2021, coinciding with the widespread outbreak of the Covid-19 pandemic This global crisis significantly impacted all sectors, including the economy in Vietnam.
Figure 20 Show the GDP per head in the period 2016-2021
GDP per capita at current prices is always higher than the previous year From 2016 to
In 2021, the GDP per capita experienced a steady growth, reaching 3,717 USD per person, which marks an increase of 165 USD from 2020 Additionally, the GDP at current prices for the same year is projected to hit 8,479.7 trillion VND, equivalent to approximately 366.1 billion USD.
GDP Growth Rate in the first three quarters of 2022
In the first quarter of 2022, Vietnam's GDP experienced a growth of 5.03% compared to the same period last year, marking a significant milestone in the country's economic recovery as the world begins to rebound from the Covid-19 pandemic.
Second quarter: GDP at current prices of the second quarter of 2022 was 2312996
In Vietnam, the economic recovery has shown a significant increase of 7.72% compared to the same period last year, driven by the successful management of the Covid-19 epidemic and the successful hosting of the 31st SEA Games.
Third quarter: In the third quarter of 2022, the current GDP is estimated at 2373152
(VND billion), an increase of 13.67% over the same period last year This is an
E-BBA13.1 class Group 01 – Macroeconomics impressive figure that shows the strong growth of the Vietnamese economy while the world economic growth is considered to be on a downward trend.
In the first nine months of 2022, Vietnam's GDP reached approximately 6,839,048 billion VND, reflecting an impressive growth of 8.87% compared to the same period last year This marks the highest GDP growth rate in the last five years, highlighting Vietnam's remarkable economic progress amid global trends.
Growth factors
Investment
Owning stock means having a share in a company, representing a form of ownership, no matter how small This concept extends to all traded assets, such as futures and currency swaps, which are also considered ownership interests Investors typically purchase these assets with the expectation of earning profits, anticipating an increase in value, or both.
Foreign direct investment (FDI) involves a foreign enterprise or project receiving investment from a foreign investor, business, or government This investment fosters robust and enduring connections between economies, making FDI an essential element of global economic integration.
1.1 Investment in the period 2016-2021 a Investment at current prices by types of ownership in the period 2016-2021 (Billions dong)
Year State Non – State Foreign-invested sector
Macroeconomics 1 Đại học Kinh tế Quốc…
Go to course Ôn tập môn Kinh tế Vĩ mô trường đại học Kinh tế…
Trac nghiem vi mo - de thi kinh te vi mo
Trac nghiem vi mo chuong 3
Investment at current prices by types of ownership in the period 2016 -2021
State Non - State Foreign invested sector
Figure 1 The chart shows the volatility in investment at current prices by types of ownership in the period 2016-2021 (Billions dong)
Overall, the state, non-state, and foreign-investedsectors of the entire society's total investment capital at present prices is modest but has experienced sustained growth from
By 2020, the impact of the Covid-19 outbreak led to a 5.7% increase in realized social investment capital, totaling VND 2,164.5 trillion This growth rate marked the lowest between 2011 and 2020, primarily due to the negative effects of the pandemic on commercial and manufacturing activities The non-state sector contributed VND 972.2 trillion, accounting for 44.9% of the total and experiencing a growth of 3.1%, while the state sector reached VND 729 trillion.
VND, accounting for 33.7% of the total capital and up 14.5% from 2019; and the foreign direct investment sector reached 463.3 trillion dong, equaling 21.4% and declining 1.3%.
In 2021, Vietnam's total realized investment capital reached VND 2,891.9 trillion, marking a 3.2% increase from the previous year State capital constituted VND 713.6 trillion, representing 24.7% of the overall investment and reflecting a decrease of 2.9%.
In the previous year, the non-state sector achieved a total of 1,720.2 trillion dong, representing 59.5% of the market and a growth of 7.2% In contrast, the foreign direct investment (FDI) sector reached 458.1 trillion dong, accounting for 15.8% but saw a decline of 1.1% Despite being the lowest growth rate in many years, these results are considered positive given the complex challenges posed by the COVID-19 pandemic both domestically and globally.
The Covid pandemic significantly disrupted the economy, leading to delays in business and production operations while resulting in minimal growth of investment capital Additionally, the period from 2016 to 2021 saw various foreign direct investment projects licensed across different economic activities.
Electricity, gas, steam, and air conditioning supply 3 13 20 15 20 24
Wholesale and retail trade; repair of motor vehicles and motorcycles 514 619 788 1140 722 507
Total registered capital (Mil USD)
Manufacturing 16936.9 16437.6 19378 25196 14786.7 22500.7 Real estate activities 2355 3107.5 8253.3 3860.4 4976 3607.2 Electricity, gas, steam, and air conditioning supply
Wholesale and retail trade; repair of motor vehicles and motorcycles
Total registered capital of foreign direct investment projects licensed by kinds of economic activity in the period 2016-2021
Manufacturing Real estate activities Electricity, gas, steam and air conditioning supply Wholesale and retail trade; repair of motor vehicles and motorcycles
The chart illustrates the total registered capital of foreign direct investment projects licensed across various sectors, including Manufacturing, Real Estate Activities, Electricity, Gas, Steam, and Air Conditioning Supply, as well as Wholesale and Retail Trade, and Motor Vehicle and Motorcycle Repair, during the period from 2016 to 2021.
Between 2016 and 2021, foreign investors focused on 19 industries, with the processing and manufacturing sector attracting the majority of their investments Notably, foreign direct investment also significantly impacted sectors such as real estate, wholesale, retail, and power production and distribution.
The manufacturing and processing industry has attracted the highest level of investment, boasting a total registered capital of 115.2 billion USD and 5,860 projects Following closely is the real estate sector, which has secured 26.2 billion USD in registered capital Overall, the primary recipients of foreign direct investment (FDI) include industries focused on processing technology, real estate, and electricity production and distribution.
1.2 Investment in the first 3 quarters of 2022 a Investment at current prices by types of ownership in the first 3 quarters of 2022
In the first nine months of 2022, Vietnam's total investment, measured at current prices by ownership type, is projected to reach VND 2,130.3 trillion, reflecting a 12.5% increase compared to the same period in 2017 This growth is primarily driven by a strong recovery in the manufacturing sector Notably, foreign direct investment (FDI) in Vietnam has surged to 15.4 billion USD, marking a 16.3% increase year-on-year and representing the highest FDI level recorded for the first three quarters of any year since 2018.
In the third quarter of 2022, total investment at current prices reached 833.8 trillion dong, marking an 18.1% increase compared to the same period last year This growth includes a 27.8% rise in state capital, an 11% increase in non-state investments amounting to 491.2 trillion dong, and a significant 34.5% surge in foreign direct investment, totaling 126.1 trillion dong.
Recent data indicates significant improvements in production, business, and investment across various industries and regions, showcasing a trend of recovery and growth To support businesses in overcoming challenges and enhancing their operations, the government has introduced support packages aimed at facilitating socio-economic recovery and minimizing damage Additionally, the licensing of foreign direct investment projects by different types of economic activities during the first three quarters of 2022 further underscores this positive momentum.
In the first nine months of 2022, Vietnam attracted approximately 15.43 billion USD in foreign direct investment (FDI), reflecting a 16.3% increase compared to the same period in 2017 This marks the highest level of FDI capital realized in nine months over the past five years Notably, the production and distribution sector for electricity, gas, hot water, steam, and air conditioning accounted for 1.15 billion USD, or 7.5% of the total FDI, while the processing and manufacturing industry dominated with 12.05 billion USD, representing 78.1% of the total investment.
In the first nine months of 2022, the number of foreign investment projects in the nation showed significant growth, with 1,355 new projects receiving investment registration certificates, marking an 11.8% increase compared to the previous period Additionally, 769 projects registered adjustments to their investment capital in 2021, reflecting a 13.4% rise.
Foreign investors are increasingly confident in Vietnam's business environment, perceiving it as a secure and attractive investment destination This growing trust is further strengthened by the country's new policies aimed at attracting investors and revitalizing the economy after nearly two years of Covid-19 restrictions.
State budget and insurance
The state budget outlines the government's revenues and expenditures for a specific fiscal year, which runs from January to December Established by law, this budget details the anticipated spending and includes an estimate of the sources of financing, reflecting the state's projected revenues for that year.
Insurance is a contractual agreement, outlined in a policy, that provides financial protection or reimbursement for losses to the policyholder from an insurance company By pooling the risks of clients, the insurance company makes payments more affordable for those insured.
2.1 Accumulation of state budget revenue and expenditure in the period 2016-2021
Figure 3 The chart shows the total state budget revenue and expenditure as of December
31, 2021 and the years 2016,2017,2018,2019,2020 (Trillion VND)
From 2016 to 2019, total state budget revenue experienced consistent annual growth However, in 2020, the Covid pandemic significantly affected revenue, leading to a decline of VND 43.2 trillion, or 2.8% In 2021, as the economy began to recover, state budget revenue rebounded, increasing by VND 60.7 trillion, equivalent to an 8.5% rise.
Vietnam's state budget expenditure has consistently risen each year, with 2018 marking a significant increase of 153.4 trillion VND (19.3%), the highest growth in six years This trend of expenditure surpassing total revenue has resulted in Vietnam experiencing a persistent budget deficit during the 2016-2021 period.
2.2 State budget deficit for the period 2016-2021
Figure 4 State budget deficit as of December 31, 2021 and the years 2016,2017,2018,2019
From 2016 to 2021, the state budget deficit has fluctuated annually, yet it remains a persistent issue without signs of improvement The impact of Covid-19 in 2020 exacerbated this situation, leading to increased government spending on essential areas such as social security and healthcare, resulting in a significant overspending of 76.7 trillion VND.
The cyclical economic downturn, coupled with global security instability and the complexities of natural disasters, has heightened the demand for increased spending on defense and social order Consequently, this situation necessitates a rise in state budget allocations to effectively address and mitigate the aftermath of these disasters.
Unreasonable management of the state budget leads to ineffective assessment and utilization of revenue sources Significant shortcomings in budget allocation and usage result in losses and waste of public financial resources.
2.3 Accumulation of state budget revenue and expenditure in the third quarter of 2022
Figure 5 Accumulation of state budget revenues and expenditures as of the third quarter of 2022
During the Ministry of Finance's press conference on September 29, officials reported that the total state budget revenue for the first nine months reached an estimated 1,327.3 trillion VND, which is 94% of the projected target and represents a 22% increase compared to the same period in 2021 This data will inform the Ministry of Planning and Investment's economic forecasts moving forward.
2022 is expected to grow 7-7.5% State budget revenue is estimated to exceed the estimate.
In the opposite direction, the total state budget expenditure in 9 months reached 1,086.3 trillion VND, equaling 60.8% of the estimate, up 5.4% over the same period in
In 2021, state budget expenditures were executed as planned over the first nine months, effectively addressing the needs for socio-economic development, national defense, and security The budget also prioritized funding for disaster recovery, epidemic response, and social security initiatives, ensuring support for beneficiaries, including salaries, pensions, and social allowances.
Figure 6 Total insurance revenue by three sectors: Social insurance, health insurance, unemployment insurance in the period 2016-2021
Figure 7 Total insurance expenditures by three sectors: Social insurance, health insurance, unemployment insurance in the period 2016-2021
Social insurance has the highest number of participants, while unemployment insurance has the lowest Over the past six years, total insurance revenue has fluctuated significantly, with a notable increase of 53.1% (97.4 trillion VND) in 2017, followed by a decrease of 41.8 trillion VND the next year However, revenue has shown a steady increase since then, ultimately reaching 433.1 trillion VND in 2021.
Total insurance spending grew at a steady rate from 2016-2021 and grew at a much higher rate in 2020 But then in 2021, this figure decreased significantly (16.7 %)
The Covid pandemic has led to a significant rise in insurance purchases, prompting insurance companies to enhance their distribution methods and launch online products They have diversified premium collection channels and invested in technology to create a digital ecosystem, empowering customers to engage more proactively with insurance services This shift presents a valuable opportunity for continued growth in the insurance market.
By the end of September 2022, the total collection of Social Insurance, Health Insurance, and Unemployment Insurance is estimated to reach nearly VND 308 trillion, reflecting an 8.67% increase compared to the same period in 2021 This trend indicates a positive outlook for the insurance market, with expectations for continued growth beyond the levels seen in 2021.
Agriculture, forestry, and seafood
Agriculture means the practice of cultivating plants and livestock.
Fishery refers to the industry involved in the cultivation or capture of fish and other aquatic organisms, as well as the specific locations where these activities occur Commercial fisheries encompass both wild fisheries and aquaculture operations, found in freshwater environments and marine ecosystems.
Forestry is the science and art of managing and conserving forests, woodlands, and their resources to benefit both humans and the environment This practice encompasses the planting, use, and restoration of these vital ecosystems, and is applied in both plantations and natural stands.
Grain food production and rice production in 2016-2021
Grain food production Rice production m ilion t ons
Figure 8 Show grain food production and rice production in 2-16-2020
From 2016 to 2021, food crop production faced significant fluctuations due to abnormal weather patterns leading to natural disasters such as storms, floods, and droughts Additionally, the Covid-19 pandemic disrupted the export, import, and consumption chains of agricultural products, further complicating the situation.
In 2018, grain food production experienced significant growth, attributed to favorable weather conditions and the introduction of new high-quality rice varieties, resulting in an increase of 1,063.2 thousand tons compared to 2017 Additionally, 2021 saw a recovery in grain agriculture, with production rising by 975.8 thousand tons compared to the previous year, 2020.
The winter-spring rice crop in 2022 is projected to yield 19.98 million tons, marking a decrease of 649 thousand tons from 2021, primarily due to a reduction in sown areas as land is repurposed for urbanization and more profitable perennial crops or aquaculture Additionally, the cultivated area for cash crops has declined compared to last year, influenced by adverse weather conditions, flooding, and low economic returns from crops like corn, sweet potato, and peanuts, prompting farmers to cut back on production.
Production of industrial crops in the period 2016-2021 cashew rubber tree coffee tea pepper m illio n t ons
Figure 9 Show production of industrial crops in the period 2016-2021
During this period, the total production of industrial crops experienced consistent growth, with the exception of cashew and tea Specifically, in 2017, cashew nut production saw a significant decline of 29.3%, while tea production also fell by 6% compared to the previous year, 2016.
After 5 years, the 3 largest products in terms of output, rubber increased by 22.85%, coffee increased by 26.3% and tea increased by 3.8% Obviously, coffee is still a potential industrial crop bringing abundant supply to our country.
In the first nine months of 2022, the production of key industrial crops showed growth compared to the same period in 2021, with tea buds totaling 891.9 thousand tons (up 0.7%), rubber at 841.3 thousand tons (up 3.2%), and pepper reaching 267.6 thousand tons (up 0.5%).
Output of fruit trees in the period 2016-2021 banana mango oranges, tangerines logan lychee, rambutan grapefruit m illio n t ons
Figure 10 Show the output of fruit trees in the period 2016-2021
(million tons) 2016 2017 2018 2019 2020 2021 banana 1977 2066.2 2095.6 2194.2 2267.5 2346.9 mango 728.1 745.5 791.8 839 892.7 999.6 oranges, 806.9 957.9 1075 1220 1359.7 1784.7 tangerines logan 503 499.3 543.7 528 568.2 607.3 lychee, rambutan 648.4 562.9 731.8 617.8 636.6 679 grapefruit 500.3 571.3 653.7 818.9 932 1034.7
Fruit trees exhibit a significantly faster production growth over the years compared to industrial trees Despite a notable decline in lychee and rambutan production in 2017 (down 13.2% from 2016) and 2019 (down 15.58% from 2018), as well as a decrease in longan during the same years, the overall trend for other fruits has been positive, with recorded growth across the board.
Banana is currently the fruit tree with the largest production, up 18.7% after 5 years. Besides, the output of oranges and tangerines (up 121.2%) and the output of pomelos (up 106.8%).
In the first nine months of 2022, the output of various fruit trees showed significant growth, with bananas producing 1,832.5 thousand tons, marking a 4.7% increase from the previous year Oranges also saw a notable rise, reaching 989.6 thousand tons, up 10.1%, while mango production reached 812.4 thousand tons, reflecting a 3.3% increase Longan and pomelo outputs were 531.7 thousand tons and 527.8 thousand tons, respectively, with increases of 3.5% and 6% However, dragon fruit production declined to 701.1 thousand tons, a decrease of 9.6%, attributed to lower selling prices and reduced export volumes, leading to neglect in orchard care, particularly as many dragon fruit orchards have aged without replanting.
2016 2017 2018 2019 2020 2021 buffalo(millions) 2.52 2.5 2.42 2.39 2.33 2.26 cow (millions) 5.5 5.65 5.8 6.06 6.23 6.36 pig (millions) 29.07 27.4 28.15 19.61 22.03 23.53 poultry (millions) 361.7 385.5 409 481.1 512.7 526.3
The livestock industry generally sees an annual increase in the number of cows and poultry, despite occasional disease outbreaks that complicate production However, the population of buffalo continues to decline gradually.
In 2017, the pig population declined by 5.7% due to low pork prices impacting the consumer market, leading to a contraction in livestock production However, starting in 2018, the livestock industry transitioned from small-scale, dispersed farming to a more concentrated farm model, which significantly revitalized pig farming.
2019, the number of pigs dropped a record (down 30.3% compared to 2018) due to the occurrence of African swine fever, but recovered in the following years.
Animal husbandry in the first three quarters of 2022 has shown overall stability, with the outbreak of dermatitis being gradually controlled; however, the risk of recurrence remains significant Local authorities and specialized agencies must persist in implementing effective disease prevention and control measures, ensuring organized vaccination efforts, and promptly monitoring and addressing new outbreaks Additionally, it is crucial to enforce strict regulations against the illegal transportation and trade of buffaloes and cows of unknown origin.
The rate of increase/decrease in the number of cattle and poultry at the end of September 2022 compared to the same time last year
(thousand ha) 4.50 1.5 0.9 3.3 1.5 2.01 burnt forest (ha) 3320.8 471.7 293.7 2716.5 645.3 1229 cleared forest (ha) 1198.7 1043.9 616 596.1 819 786 harvested timber
Timber production has shown a consistent annual growth, averaging around 7% each year, with a notable increase in volume from 12,633.2 thousand m³ to 18,375.3 thousand m³ However, in 2020, the rate of exploitation experienced a decline due to the Covid-19 pandemic's impact on the wood processing consumption chain, resulting in a 5.2% increase compared to 2019.
The area of new bare forest fluctuates around 280 thousand hectares, only in 2017 recorded the largest afforestation area of 292.2 thousand hectares.
Wildfires driven by extreme heat have resulted in significant destruction, particularly in the years 2016, 2019, and 2021 The most devastating year was 2016, where 3,320.8 hectares of forest were burned, alongside the highest deforestation impact of 1,198 hectares In contrast, 2018 saw the lowest deforestation rate in six years, with only 0.9 thousand hectares of forest affected.
Generally, in the first nine months of 2022, the area of newly concentrated planted forests is estimated at 191.2 thousand hectares, up 4.1% over the same period last year.
[1], down 62.2% over the same period last year, of which the burnt forest area was 24.5 ha, down 98.3%; the area of forest cut and cleared was 863.4 ha, down 1.6%.
Fishery production in the period 2016-2021 exploited seafood farmed seafood thousa nd t ons
Figure 11 Show fishery production in the period 2016-2021
(thousand tons) 2016 2017 2018 2019 2020 2021 exploited fishery 3163.3 3389.3 3606.7 3777.7 3863.7 3937.1 farmed fishery 3640.6 3835.7 4161.8 4490.5 4633.5 4855.4 fishery 6803.9 7225 7768.5 8268.2 8497.2 8792.5
Industry
Industry: economic activity concerned with the processing of raw materials and manufacture of goods in factories.
The manufacturing industry encompasses the transformation of goods and includes not only manufacturing processes but also the repair and installation of industrial equipment, as well as subcontracting services for third parties.
The mining and quarrying industry encompasses a range of services related to mining activities, including drilling and derrick erection Additionally, it involves supplementary processes that prepare raw materials for market, such as crushing, grinding, cleaning, drying, sorting, concentrating ores, and the liquefaction of natural gas.
E-BBA13.1 class Group 01 – Macroeconomics agglomeration of solid fuels These operations are often accomplished by the units that extracted the resource and/or others located nearby.
Figure 12 Show the development of Whole Industry from 2016 to 2021
From 2016 to 2021, the state-owned sector experienced positive growth, excluding mining and quarrying However, industrial production indexes largely declined, especially in 2020 during the peak of the Covid-19 outbreak in Vietnam The Industrial Production Index (IIP) steadily decreased throughout 2020 due to the pandemic's adverse effects on industrial output, supply chain disruptions, and shrinking import and export markets, before showing signs of recovery in 2021.
The rise of industrial production significantly boosted the Index of Industrial Production (IIP), which saw a remarkable increase of 9.1% in 2019 compared to the previous year, driven by a 10.4% growth in the processing and manufacturing sector This trend marks an improvement from earlier years, with the power generating and distribution sector also experiencing steady growth Additionally, the mining and quarrying industry contributed to this positive trajectory Overall, from 2016 to 2019, the industry maintained a strong average growth rate of 9.5% per year.
Figure 13 Show the development of Manufacturing from 2016 to 2021
Manufacturing is a crucial driver of economic growth, although it can be quite complex The Covid-19 pandemic led to significant declines in many industries by 2020 However, Vietnam's collective efforts facilitated a recovery in 2021 Notably, the production of pharmaceuticals, medicinal chemicals, and botanical products experienced a different trajectory, with growth expected to peak in 2020 due to increasing demand and shortages of medical supplies and equipment.
Figure 14 Show the development of Mining and quarrying from 2016 to 2021
According to a 2016 study, the significant decline in the mining and quarrying sector was the primary factor behind the decrease in the industrial production index that year, contrasting with the growth seen in previous years This sector has faced ongoing negative growth over time.
From 2016 to 2018, mining and quarrying faced negative growth, indicating a decline in these sectors over three years However, the 2018 report showed that the economy had begun to diversify away from reliance on resource and mineral extraction By 2019, a modest growth of 1.29% was recorded, contributing 0.09 percentage points to overall economic growth Unfortunately, the Covid-19 pandemic in 2020 is expected to lead to a significant downturn in all mining and quarrying-related businesses.
Figure 14 Show the development of the Whole industry in three quarters of 2022
In Q1 2022, industrial production demonstrated robust growth, with an overall sector increase of 7.07% compared to the previous year Notably, the processing and manufacturing sector experienced the highest growth rate at 7.79%, while the production and distribution of electricity also saw an upward trend.
In the first nine months of 2022, the industry's added value rose by 8.48% compared to the same period in 2021, with quarterly growth rates of 6.97% in Q1, 9.87% in Q2, and 12.12% in Q3 The processing and manufacturing sector alone experienced a 9.66% increase, improving from 7.72% in Q1 and 11.45% in Q2, which contributed 2.58 percentage points to the overall growth in the economy's total added value.
Transport
Transport refers to the movement of people, animals, and goods across various locations and encompasses multiple modes, including air, land (rail and road), water, cable, pipeline, and space This field can be categorized into three main areas: infrastructure, vehicles, and operations Effective transport systems facilitate trade, playing a crucial role in the advancement and growth of civilizations.
(million turns of people) (million tons)
The first three quarters of 2022 2.842,3 1.492,7
2552.4 Volume of passengers transported in the period 2016-2021
Year m illion t ur ns of pe ople
Figure 15 Show the volume of passengers transported in the period 2016-2021
According to the 2020 summary report, the volume of passengers transported in the period 2016-2019 has an average growth rate of 11.75%/year In general, the period
From 2016 to 2019, the transportation sector experienced consistent growth each year However, in 2020, the Covid-19 pandemic significantly impacted the industry, leading to a decline of 1,084 million passengers, representing a 22.3% drop compared to 2019, as reported in the 2020 statistical yearbook The situation worsened in 2021, with the ongoing spread of the virus causing passenger volumes to further decrease to 2,552.4 million.
It can be seen that the Covid-19 epidemic has had a strong impact on the field of passenger transport.
Volume of goods transported in the period 2016-2021
Figure 16 Show the volume of goods transported in the period 2016-2021
Between 2016 and 2019, the volume of transported goods experienced an average growth rate of 11.87%, indicating a consistent upward trend However, in 2020, the Covid-19 pandemic significantly impacted freight transport, leading to a noticeable decline in volume compared to previous years.
In 2019, freight transport experienced a decline of 2.6%, as reported in the 2020 statistical yearbook However, by 2021, the sector showed significant improvement, operating steadily despite the challenges posed by the Covid-19 pandemic, with a total freight volume of 1,640.5 million tons, reflecting a 1.2% increase compared to 2020.
The epidemic has affected the transport industry, but our country has tried to operate stably in that situation.
5.3 Passenger transport in the first three quarters of 2022
In the first three quarters of 2022, passenger transport volume surged to 2,842.3 million, marking a 40.7% increase compared to the previous year, as reported in the economic and social situation report The aviation sector experienced a remarkable growth of 162%, while the railway sector saw an impressive rise of 176% Additionally, waterway transport increased by 12.5% over the same period in 2021.
5.4 Freight transport in the first three quarters of 2022
In the first three quarters of 2022, the volume of goods transported rose significantly to 1,492.7 million tons, marking a 24.4% increase compared to the previous year, as reported in the economic and social situation report for the third quarter and nine months of 2022 Notably, railway transport saw a growth of 4.3%, while waterway transport experienced a substantial increase of 12.5% over the same period last year.