Decree 62 of the Government stipulates a change in the release time of some important statistical information, effective from August 2024.
Accordingly, today (August 29), the General Statistics Office began to change the release time of the monthly, quarterly, and annual socio-economic reports. The release date has been shifted from the 29th of the reporting month to the 6th of the following month after the reporting period.
New schedule for releasing socio-economic data.
Ms. Nguyen Thi Huong, Director-General of the General Statistics Office, said that after delaying the release by 6-7 days, Vietnam remains one of the countries with the earliest data in the world.
In Canada, France, and South Korea, Q1 2023 GDP data was released after 2 months. In the US, Germany, and Singapore, it was released after more than 1.5 months. China, Japan, and Thailand released their data after 1.5 months. As for monthly CPI data, the US and France release it after half a month, Canada and Japan after nearly 1 month, and Australia after 1 month.
Vietnam’s change is in line with global trends and meets the management and administration requirements of government authorities at all levels, regarding the adjustment of the timing of their steering sessions.
From a professional perspective, according to Ms. Huong, the new data release schedule contributes to more accurate data and a closer reflection of reality. The sources of information for compiling certain composite indicators such as GDP and GRDP are updated and more comprehensive. The statistics sector has enough time to check, compile data, and prepare specialized reports to improve quality.
Inconsistencies in data collection and compilation, as well as timing discrepancies between ministries and sectors, will be addressed.
With two-thirds of the journey to achieve this year’s growth target completed, the Vietnamese economy is witnessing many positive signs. GDP in Q2 reached 6.93%, driving the 6-month growth rate to 6.42% year-on-year. This result even surpasses the highest growth scenario of 6.5% for the whole year set by the National Assembly.
The Ministry of Planning and Investment has advised the Government on a higher growth option, aiming for a 7% expansion this year. GDP growth in Q3 and Q4 must reach 7.4-7.6%, respectively.
“Usually, Q3 and Q4 are considered the driving quarters of the year, so there is a basis to expect growth to be higher than 6.5%, exceeding the target set by the National Assembly,” said Tran Quoc Phuong, Deputy Minister of Planning and Investment.
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