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Vietnam Economy Profile 2018

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Economy - overviewVietnam is a densely populated developing country that has been transitioning from the rigidities of a centrally planned, highly agrarian economy since 1986 to a more industrial and market based economy, raising incomes substantially. In 2016 and 2017, Vietnam missed its yearly growth target of 6.7% due to environmental issues – drought and salinization - impacting the agricultural sector, and low oil prices affecting the extractive sector. However, annual GDP growth reached 6.3%, reflecting strengthening domestic demand and strong manufacturing exports.

Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing sector. In addition, the country is committed to continuing its global economic integration. Vietnam joined the WTO in January 2007 and concluded several free trade agreements in 2015-16, including the EU-Vietnam Free Trade Agreement, the Korean Free Trade Agreement, and the Eurasian Economic Union Free Trade Agreement.

However, to continue its trajectory of strong economic growth, the government acknowledges the need to spark a �second wave’ of reforms, including reforming state-owned-enterprises, reducing red tape, increasing business sector transparency, reducing the level of non-performing loans in the banking sector, and increasing financial sector transparency. Vietnam has demonstrated a commitment to sustainable growth over the last several years, but a recent slowdown in economic growth could test the government’s resolve.

In 2016, Vietnam cancelled its civilian nuclear energy development program, citing public concerns about safety and the high cost of the program, and is facing growing pressure on energy infrastructure. Overall, the country’s infrastructure fails to meet the needs of an expanding middle class. As the 2017 Asia-Pacific Economic Cooperation (APEC) chair, Vietnam lead the dialogue on key APEC priorities such as inclusive growth, innovation, food security and climate change.
GDP (purchasing power parity)$643.9 billion (2017 est.)
$605.7 billion (2016 est.)
$570.3 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$216 billion (2016 est.)
GDP - real growth rate6.3% (2017 est.)
6.2% (2016 est.)
6.7% (2015 est.)
GDP - per capita (PPP)$6,900 (2017 est.)
$6,500 (2016 est.)
$6,200 (2015 est.)
note: data are in 2017 dollars
Gross national saving28% of GDP (2017 est.)
30.7% of GDP (2016 est.)
27.5% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 68.5%
government consumption: 6.6%
investment in fixed capital: 24.8%
investment in inventories: 2.9%
exports of goods and services: 98.6%
imports of goods and services: -101.4% (2017 est.)
GDP - composition by sectoragriculture: 15.9%
industry: 32.7%
services: 41.3% (2017 est.)
Population below poverty line11.3% (2012 est.)
Labor force56.46 million (2017 est.)
Labor force - by occupationagriculture: 48%
industry: 21%
services: 31% (2012)
Unemployment rate2.3% (2017 est.)
2.3% (2016 est.)
Unemployment, youth ages 15-24total: 7%
male: 6.8%
female: 7.3% (2015 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: $49.41 billion
expenditures: $61.14 billion (2017 est.)
Taxes and other revenues22.9% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-5.4% of GDP (2017 est.)
Public debt62.3% of GDP (2017 est.)
61.6% of GDP (2016 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)4.4% (2017 est.)
2.7% (2016 est.)
Central bank discount rate9% (31 December 2012)
15% (31 December 2011)
Commercial bank prime lending rate6.8% (31 December 2017 est.)
6.96% (31 December 2016 est.)
Stock of narrow money$84.22 billion (31 December 2017 est.)
$73.48 billion (31 December 2016 est.)
Stock of broad money$341.4 billion (31 December 2017 est.)
$299.2 billion (31 December 2016 est.)
Stock of domestic credit$320.1 billion (31 December 2017 est.)
$277.3 billion (31 December 2016 est.)
Market value of publicly traded shares$51.88 billion (31 December 2015 est.)
$46.07 billion (31 December 2014 est.)
$40.06 billion (31 December 2013 est.)
Agriculture - productsrice, coffee, rubber, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; pork; poultry; seafood
Industriesfood processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones
Industrial production growth rate6.4% (2017 est.)
Current Account Balance$2.794 billion (2017 est.)
$8.235 billion (2016 est.)
Exports$194.6 billion (2017 est.)
$176.6 billion (2016 est.)
Exports - commoditiesclothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery
Exports - partnersUS 20.2%, China 14.2%, Japan 8.2%, South Korea 6.2% (2016)
Imports$190.1 billion (2017 est.)
$162.6 billion (2016 est.)
Imports - commoditiesmachinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles
Imports - partnersChina 25.1%, South Korea 17.5%, Japan 7.9%, US 6%, Thailand 4.7% (2016)
Reserves of foreign exchange and gold$38.75 billion (31 December 2017 est.)
$36.91 billion (31 December 2016 est.)
Debt - external$91.79 billion (31 December 2017 est.)
$84.34 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$128.3 billion (31 December 2017 est.)
$115.4 billion (31 December 2016 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 -
22,784 (2017 est.)
22,355 (2016 est.)
22,355 (2015 est.)
21,909 (2014 est.)
21,189 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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