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Vietnam Economy Profile 2016

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Economy - overviewVietnam is a densely populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Agriculture's share of economic output has shrunk from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the WTO in January 2007, which has promoted more competitive, export-driven industries. Vietnam was one of 12-nations that concluded the Trans-Pacific Partnership free trade agreement negotiations in 2015.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. During 2015, Vietnam's managed currency, the dong, depreciated about 5%. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year.

Vietnam is trying to reform its economy by restructuring public investment, state-owned enterprises, and the banking sector, although Hanoi’s progress in meeting its goals is lagging behind the proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and nonperforming loans.
GDP (purchasing power parity)$552.3 billion (2015 est.)
$517.7 billion (2014 est.)
$488.5 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$191.5 billion (2015 est.)
GDP - real growth rate6.7% (2015 est.)
6% (2014 est.)
5.4% (2013 est.)
GDP - per capita (PPP)$6,000 (2015 est.)
$5,700 (2014 est.)
$5,400 (2013 est.)
note: data are in 2015 US dollars
Gross national saving29% of GDP (2015 est.)
31.9% of GDP (2014 est.)
31.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 66.5%
government consumption: 6.2%
investment in fixed capital: 24.4%
investment in inventories: 1.7%
exports of goods and services: 86.8%
imports of goods and services: -85.6% (2015 est.)
GDP - composition by sectoragriculture: 17.4%
industry: 38.8%
services: 43.7% (2015 est.)
Population below poverty line11.3% (2012 est.)
Labor force54.93 million (2015 est.)
Labor force - by occupationagriculture: 48%
industry: 21%
services: 31% (2012)
Unemployment rate3% (2015 est.)
3.4% (2014 est.)
Unemployment, youth ages 15-24total: 6%
male: 5.3%
female: 6.8% (2013 est.)
Household income or consumption by percentage sharelowest 10%: 3.2%
highest 10%: 30.2% (2008)
Distribution of family income - Gini index37.6 (2008)
36.1 (1998)
Budgetrevenues: $39.61 billion
expenditures: $47.39 billion (2015 est.)
Taxes and other revenues19.9% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-3.9% of GDP (2015 est.)
Public debt52.7% of GDP (2015 est.)
52.9% of GDP (2014 est.)
note: official data; data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)0.6% (2015 est.)
4.1% (2014 est.)
Central bank discount rate9% (31 December 2012)
15% (31 December 2011)
Commercial bank prime lending rate8.1% (31 December 2015 est.)
8.67% (31 December 2014 est.)
Stock of narrow money$63.48 billion (31 December 2015 est.)
$56.12 billion (31 December 2014 est.)
Stock of broad money$261.3 billion (31 December 2015 est.)
$235 billion (31 December 2014 est.)
Stock of domestic credit$232.2 billion (31 December 2015 est.)
$209.6 billion (31 December 2014 est.)
Market value of publicly traded shares$38.2 billion (31 December 2011 est.)
$26 billion (31 December 2011)
$37 billion (31 December 2010 est.)
Agriculture - productsrice, coffee, rubber, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood
Industriesfood processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones
Industrial production growth rate7.5% (2015 est.)
Current Account Balance$2.764 billion (2015 est.)
$9.33 billion (2014 est.)
Exports$158.7 billion (2015 est.)
$150.2 billion (2014 est.)
Exports - commoditiesclothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery
Exports - partnersUS 21.2%, China 13.3%, Japan 8.4%, South Korea 5.5%, Germany 4.1% (2015)
Imports$150.4 billion (2015 est.)
$138.1 billion (2014 est.)
Imports - commoditiesmachinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles
Imports - partnersChina 34.1%, South Korea 14.3%, Singapore 6.5%, Japan 6.4%, Hong Kong 5.1%, Thailand 4.5% (2015)
Reserves of foreign exchange and gold$39.6 billion (31 December 2015 est.)
$34.58 billion (31 December 2014 est.)
Debt - external$69.76 billion (31 December 2014 est.)
$65.46 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$100.5 billion (31 December 2015 est.)
$90.9 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$7.7 billion (31 December 2009 est.)
$5.3 billion (31 December 2008 est.)
Exchange ratesdong (VND) per US dollar -
21,928 (2015 est.)
21,189 (2014 est.)
21,189 (2013 est.)
20,859 (2012 est.)
20,649 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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