Vietnam’s Prime Minister Nguyen Xuan Phuc requested support from the International Monetary Fund (IMF) in calculating and updating information on the country’s informal economic sector, which makes up a significant part of the GDP, the governmental portal reported.
Prime Minister Nguyen Xuan Phuc and Chief Representative of the IMF in Vietnam Jonathan Dunn at the meeting. Source: VGP.
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Phuc hoped Dunn in a new role would continue to support Vietnam amid growing global uncertainties, especially in monetary policy management.
At the meeting, Dunn said Vietnam’s economy has improved its resilience against external shocks, while maintaining a high growth rate and efficient economic policies.
Moreover, Dunn said, by reviewing the informal economic sector, the IMF would help Vietnam calculate the nominal GDP more accurately. He added that even the statistics of the formal economy calculated in the GDP are unable to fully reflect factors which are only updated every 10 years.
A study by Fulbright University in 2018 estimated that Vietnam’s informal economic sector made up 25 – 30% of the GDP and 57% of the total workforce.
