HANOI, Aug 16 (Reuters) - Vietnam is revising the way it measures gross domestic product to meet international norms and better reflect the real size and structure of the economy, the government said on Friday.
The Southeast Asian nation has one of the region’s fastest-growing economies, with robust exports and foreign investment delivering average economic growth of 6.55% over the past five years.
The General Statistics Office will revise how it measures GDP with help from experts at the International Monetary Fund and United Nations, the government said in a statement.
“Though Vietnam’s statistics input has been improving, it remains insufficient for calculating annual GDP,” the government said, adding that recent strong private sector growth has not been fully reflected in its statistical data.
The revision will likely result in a significant increase in the size of Vietnam’s GDP, which rose 7.08% last year to more than $240 billion, the government said.
The move will also likely result in changes to the structure of the economy, with a possible increase in the proportion of the manufacturing and construction sector and a decline in the proportion of the agriculture sector, the government said.
Vietnam targets an annual GDP growth of 6.5%-7.0% a year during the 2016-2020 period. ($1 = 23,214 dong) (Reporting by Khanh Vu; editing by Darren Schuettler)