| Economy - overview | Vietnam is a densely populated developing country that has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial and market based economy, and it has raised incomes substantially. Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in 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 (which the EU has not yet ratified), the Korean Free Trade Agreement, and the Eurasian Economic Union Free Trade Agreement. In 2017, Vietnam successfully chaired the Asia-Pacific Economic Cooperation (APEC) Conference with its key priorities including inclusive growth, innovation, strengthening small and medium enterprises, food security, and climate change. Seeking to diversify its opportunities, Vietnam also signed the Comprehensive and Progressive Agreement for the Transpacific Partnership in 2018 and continued to pursue the Regional Comprehensive Economic Partnership. 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’s public debt to GDP ratio is nearing the government mandated ceiling of 65%. In 2016, Vietnam cancelled its civilian nuclear energy development program, citing public concerns about safety and the high cost of the program; it faces growing pressure on energy infrastructure. Overall, the country’s infrastructure fails to meet the needs of an expanding middle class. Vietnam has demonstrated a commitment to sustainable growth over the last several years, but despite the recent speed-up in economic growth the government remains cautious about the risk of external shocks. |
| GDP (purchasing power parity) | $648.7 billion (2017 est.) $607.4 billion (2016 est.) $571.9 billion (2015 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $220.4 billion (2017 est.) |
| GDP - real growth rate | 6.8% (2017 est.) 7.16% (2017 est.) 6.2% (2016 est.) |
| GDP - per capita (PPP) | $6,900 (2017 est.) $6,600 (2016 est.) $6,200 (2015 est.) note: data are in 2017 dollars |
| Gross national saving | 29% of GDP (2017 est.) 29.5% of GDP (2016 est.) 27.5% of GDP (2015 est.) |
| GDP - composition, by end use | household consumption: 66.9% (2017 est.) government consumption: 6.5% (2017 est.) investment in fixed capital: 24.2% (2017 est.) investment in inventories: 2.8% (2017 est.) exports of goods and services: 100% (2017 est.) imports of goods and services: -101% (2017 est.) |
| GDP - composition by sector | agriculture: 15.3% (2017 est.) industry: 33.3% (2017 est.) services: 51.3% (2017 est.) |
| Population below poverty line | 8% (2017 est.) |
| Labor force | 54.659 million (2019 est.) |
| Labor force - by occupation | agriculture: 40.3% industry: 25.7% services: 34% (2017) |
| Unemployment rate | 3.11% (2018 est.) 2.2% (2017 est.) |
| Unemployment, youth ages 15-24 | total: 6.9% male: 6% female: 7.9% (2018 est.) |
| Household income or consumption by percentage share | |
| Distribution of family income - Gini index | 34.8 (2014) 37.6 (2008) |
| Budget | revenues: 54.59 billion (2017 est.) expenditures: 69.37 billion (2017 est.) |
| Taxes and other revenues | 24.8% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -6.7% (of GDP) (2017 est.) |
| Public debt | 58.5% of GDP (2017 est.) 59.9% of GDP (2016 est.) note: official data; data cover general government debt and include 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 intragovernmental debt; intragovernmental 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) | 3.5% (2017 est.) 2.7% (2016 est.) |
| Central bank discount rate | 4.25% (7 October 2017) 15% (31 December 2011) |
| Commercial bank prime lending rate | 7.07% (31 December 2017 est.) 6.96% (31 December 2016 est.) |
| Stock of narrow money | $85.96 billion (31 December 2017 est.) $73.48 billion (31 December 2016 est.) |
| Stock of broad money | $85.96 billion (31 December 2017 est.) $73.48 billion (31 December 2016 est.) |
| Stock of domestic credit | $313 billion (31 December 2017 est.) $277.3 billion (31 December 2016 est.) |
| Market value of publicly traded shares | |
| Agriculture - products | rice, coffee, rubber, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; pork; poultry; seafood |
| Industries | food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones |
| Industrial production growth rate | 8% (2017 est.) |
| Current Account Balance | $12.478 billion (2019 est.) $5.769 billion (2018 est.) |
| Exports | $214.1 billion (2017 est.) $176.6 billion (2016 est.) |
| Exports - commodities | clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery |
| Exports - partners | US 20.1%, China 14.5%, Japan 8%, South Korea 6.8% (2017) |
| Imports | $202.6 billion (2017 est.) $162.6 billion (2016 est.) |
| Imports - commodities | machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles |
| Imports - partners | China 25.8%, South Korea 20.5%, Japan 7.8%, Thailand 4.9% (2017) |
| Reserves of foreign exchange and gold | $49.5 billion (31 December 2017 est.) $36.91 billion (31 December 2016 est.) |
| Debt - external | $96.58 billion (31 December 2017 est.) $84.34 billion (31 December 2016 est.) |
| Stock of direct foreign investment - at home | $129.5 billion (31 December 2017 est.) $293.2 billion (31 December 2016 est.) |
| Stock of direct foreign investment - abroad | $19.75 billion (31 December 2015 est.) $18.97 billion (31 December 2014 est.) |
| Exchange rates | dong (VND) per US dollar - 22,425 (2017 est.) 22,159 (2016 est.) 22,355 (2015 est.) 21,909 (2014 est.) 21,189 (2013 est.) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020
