Non-observed economy to be measured in 2018

An overview of the conference (Source: http://thoibaonganhang.vn) Hanoi (VNA) – A statistical project on measuring the non-observedeconomy, including underground and illegal economies, will be proposed to thePrime Minister for approval this year, said head of the Vietnam GeneralStatistics Office Nguyen Bich Lam.Speaking at the Ministry of Planning and Investment’sconference on January 15 to review the ministry’s work in 2017 and implement2018 tasks, Lam said that the project aims to collect information on economicactivities that affect the scale of the economy but are not measured in GDP, inorder to achieve more accurate economic indicators.According to him, underground economy includes legaleconomic activities which are hidden intentionally to avoid tax and socialinsurance payment or avoid implementing State regulations on minimum salary andmaximum work hours as well as legal and administrative procedures such asfinancial and statistical reports.Meanwhile, illegal economy comprises of banned activities,including drug production and trading, prostitution, and those which are notbanned by law but conducted by illegal producers.The non-observed economy also contains informal householdeconomy and those missed by the statistical system, Lam added.The head of the statistical sector promised that when theproject gets the green light in the first quarter of this year, the sector withwork with relevant ministries, sectors and localities to find out a feasiblesolution to implementing the project.He affirmed that in 2018, the sector will ensure statisticalinformation, improve the quality of statistical work, especially analysis andpredictions on macro-economic situation, and conduct research on growthscenarios serving management work.It will also adjust the GDP scale on the basis of theresults of… [Read full story]

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