Vietnam Economy

Is Vietnam a rich country?

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.

Vietnam Economy Data

What is the GDP of Vietnam?

GDP - Gross Domestic Product (PPP) $512,600,000,000 (USD)
GDP - official exchange rate $198,800,000,000 (USD)
GDP - real growth rate 6.5%
GDP Per Capita $6,100.00 (USD)
GDP by Sector- agriculture 17.4%
GDP by Sector- Industry 38.8%
GDP by Sector- services 43.7%
GDP - composition, by end use household 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%
Population Below Poverty Line 10.6%
Inflation Rate 11.8%
Labor Force 46,210,000
Labor Force By Occupation- agriculture 48%
Labor Force By Occupation- industry 21%
Labor Force By Occupation- services 31%
Unemployment Rate 2.9%
Fiscal Year calendar year
Annual Budget $27,080,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -4.2%
Public Debt (% of GDP) 75.5%
Taxes and other revenues - percent of GDP 25.2%
Major Industries food processing, garments, shoes, machine-building, mining, cement, chemical fertilizer, glass, tires, oil, coal, steel, paper
Industrial Growth Rate 14%
Agriculture Products paddy rice, corn, potatoes, rubber, soybeans, coffee, tea, bananas, sugar; poultry, pigs, fish
Currency Code dong (VND)
Child Labor - % of children ages 5-14 16%
Child Labor - # of children ages 5-14 2,545,616
Commercial Bank Prime Lending Rate 10.5%

Labor Force by Occupation- As reported by Vietnam

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