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Vietnam Economy Profile 2014

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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. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. 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. The global recession hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.
GDP (purchasing power parity)$358.9 billion (2013 est.)
$340.8 billion (2012 est.)
$323.8 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$170 billion (2013 est.)
GDP - real growth rate5.3% (2013 est.)
5.2% (2012 est.)
6.2% (2011 est.)
GDP - per capita (PPP)$4,000 (2013 est.)
$3,800 (2012 est.)
$3,700 (2011 est.)
note: data are in 2013 US dollars
Gross national saving38.4% of GDP (2013 est.)
39% of GDP (2012 est.)
32.8% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 68.9%
government consumption: 6.8%
investment in fixed capital: 30.4%
investment in inventories: 3.1%
exports of goods and services: 84.7%
imports of goods and services: -93.9%
(2013 est.)
GDP - composition by sectoragriculture: 19.3%
industry: 38.5%
services: 42.2% (2013 est.)
Population below poverty line11.3% (2012 est.)
Labor force52.93 million (2013 est.)
Labor force - by occupationagriculture: 48%
industry: 21%
services: 31% (2012)
Unemployment rate1.3% (2013 est.)
3.2% (2012 est.)
Unemployment, youth ages 15-24total: 5.5%
male: 4.6%
female: 6.5% (2012)
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: $42.82 billion
expenditures: $50 billion (2013 est.)
Taxes and other revenues25.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4.2% of GDP (2013 est.)
Public debt48.2% of GDP (2013 est.)
48.1% of GDP (2012 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)6.8% (2013 est.)
9.1% (2012 est.)
Central bank discount rate9% (31 December 2012)
15% (31 December 2011)
Commercial bank prime lending rate10.5% (31 December 2013 est.)
13.47% (31 December 2012 est.)
Stock of narrow money$43.99 billion (31 December 2013 est.)
$40.34 billion (31 December 2012 est.)
Stock of broad money$184.9 billion (31 December 2013 est.)
$165.9 billion (31 December 2012 est.)
Stock of domestic credit$173.8 billion (31 December 2013 est.)
$163.5 billion (31 December 2012 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 rate5% (2013 est.)
Current Account Balance$8.162 billion (2013 est.)
$9.062 billion (2012 est.)
Exports$128.9 billion (2013 est.)
$114.6 billion (2012 est.)
Exports - commoditiesclothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery
Exports - partnersUS 17.8%, Japan 11.8%, China 11.2%, South Korea 5%, Malaysia 4.1% (2012)
Imports$121.4 billion (2013 est.)
$104.7 billion (2012 est.)
Imports - commoditiesmachinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles
Imports - partnersChina 25.8%, South Korea 13.9%, Japan 10.4%, Singapore 6%, Thailand 5.2%, US 4.3% (2012)
Reserves of foreign exchange and gold$32.49 billion (31 December 2013 est.)
$26.11 billion (31 December 2012 est.)
Debt - external$68.38 billion (31 December 2013 est.)
$63.95 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$84.61 billion (31 December 2013 est.)
$73.71 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$NA (31 December 2009 est.)
$5.3 billion (31 December 2008)
Exchange ratesdong (VND) per US dollar -
21,118 (2013 est.)
20,859 (2012 est.)
18,612.92 (2010 est.)
17,799.6 (2009)
16,548.3 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on June 30, 2015

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