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Vietnam Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Vietnam Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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. 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. 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 continued to pursue other multilateral relationships, including the Comprehensive and Progressive Agreement for the Transpacific Partnership and 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 the recent slowdown in economic growth could test the government’s resolve.

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
country comparison to the world: 36

GDP (official exchange rate):
$216 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.3% (2017 est.) 6.2% (2016 est.) 6.7% (2015 est.)
country comparison to the world: 20
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,900 (2017 est.) $6,500 (2016 est.) $6,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 159

Gross national saving:
28% of GDP (2017 est.) 30.7% of GDP (2016 est.) 27.5% of GDP (2015 est.)
country comparison to the world: 36
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 6.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 98.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -101.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 15.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 32.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 41.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
6.4% (2017 est.)
country comparison to the world: 31
[see also: Industrial production growth rate country ranks ]

Labor force:
56.46 million (2017 est.)
country comparison to the world: 12
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 48%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21%
[see also: Labor force - by occupation - industry country ranks ]
services: 31% (2012)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.3% (2017 est.) 2.3% (2016 est.)
country comparison to the world: 19
[see also: Unemployment rate country ranks ]

Population below poverty line:
11.3% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.2% (2008)

Distribution of family income - Gini index:
37.6 (2008) 36.1 (1998)
country comparison to the world: 76
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $49.41 billion
[see also: Budget - revenues country ranks ]
expenditures: $61.14 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
22.9% of GDP (2017 est.)
country comparison to the world: 131
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.4% of GDP (2017 est.)
country comparison to the world: 168
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
62.3% 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
country comparison to the world: 69
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.4% (2017 est.) 2.7% (2016 est.)
country comparison to the world: 164
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2012) 15% (31 December 2011)
country comparison to the world: 29
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.8% (31 December 2017 est.) 6.96% (31 December 2016 est.)
country comparison to the world: 120
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$84.22 billion (31 December 2017 est.) $73.48 billion (31 December 2016 est.)
country comparison to the world: 44
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$341.4 billion (31 December 2017 est.) $299.2 billion (31 December 2016 est.)
country comparison to the world: 33
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$320.1 billion (31 December 2017 est.) $277.3 billion (31 December 2016 est.)
country comparison to the world: 36
[see also: Stock of domestic credit country ranks ]

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.)
country comparison to the world: 51
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.794 billion (2017 est.) $8.235 billion (2016 est.)
country comparison to the world: 31
[see also: Current account balance country ranks ]

Exports:
$194.6 billion (2017 est.) $176.6 billion (2016 est.)
country comparison to the world: 28
[see also: Exports country ranks ]

Exports - commodities:
clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery

Exports - partners:
US 20.2%, China 14.2%, Japan 8.2%, South Korea 6.2% (2016)

Imports:
$190.1 billion (2017 est.) $162.6 billion (2016 est.)
country comparison to the world: 25
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles

Imports - partners:
China 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.)
country comparison to the world: 45
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$91.79 billion (31 December 2017 est.) $84.34 billion (31 December 2016 est.)
country comparison to the world: 52
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$128.3 billion (31 December 2017 est.) $115.4 billion (31 December 2016 est.)
country comparison to the world: 42
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$7.7 billion (31 December 2009 est.) $5.3 billion (31 December 2008 est.)
country comparison to the world: 66
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
dong (VND) per US dollar - 22,784 (2017 est.) 22,355 (2016 est.) 22,355 (2015 est.) 21,909 (2014 est.) 21,189 (2013 est.)


NOTE: 1) The information regarding Vietnam on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 2018 information contained here. All suggestions for corrections of any errors about Vietnam Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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