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
country comparison to the world (CIA rank, may be based on non-current data): 35
[see also: GDP country ranks ]

GDP (official exchange rate):
$220.4 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.8% (2017 est.)
6.2% (2016 est.)
6.7% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 25
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$6,900 (2017 est.)
$6,600 (2016 est.)
$6,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 159
[see also: GDP - per capita country ranks ]

Gross national saving:
29% of GDP (2017 est.)
29.5% of GDP (2016 est.)
27.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 33
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.9% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 6.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.2% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.8% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 100% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -101% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 15.3% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.3% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.3% (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:
8% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Industrial production growth rate country ranks ]

Labor force:
54.8 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 11
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 40.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 34% (2017)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
2.2% (2017 est.)
2.3% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 22
[see also: Unemployment rate country ranks ]

Population below poverty line:
8% (2017 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.8% (2014)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
34.8 (2014)
37.6 (2008)
country comparison to the world (CIA rank, may be based on non-current data): 101
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 54.59 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 69.37 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
24.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 191
[see also: Budget surplus (+) or deficit (-) country ranks ]

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
country comparison to the world (CIA rank, may be based on non-current data): 76
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.5% (2017 est.)
2.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 142
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (7 October 2017)
15% (31 December 2011)
country comparison to the world (CIA rank, may be based on non-current data): 98
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.07% (31 December 2017 est.)
6.96% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 117
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$85.96 billion (31 December 2017 est.)
$73.48 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$85.96 billion (31 December 2017 est.)
$73.48 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$313 billion (31 December 2017 est.)
$277.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 35
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$156.7 billion (29 December 2017 est.)
$87.95 billion (31 December 2016 est.)
$52.39 billion (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$5.401 billion (2017 est.)
$5.924 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 28
[see also: Current account balance country ranks ]

Exports:
$214.1 billion (2017 est.)
$176.6 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 27
[see also: Exports country ranks ]

Exports - partners:
US 20.1%, China 14.5%, Japan 8%, South Korea 6.8% (2017)

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

Imports:
$202.6 billion (2017 est.)
$162.6 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 26
[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 25.8%, 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.)
country comparison to the world (CIA rank, may be based on non-current data): 40
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$96.58 billion (31 December 2017 est.)
$84.34 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$129.5 billion (31 December 2017 est.)
$293.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$19.75 billion (31 December 2015 est.)
$18.97 billion (31 December 2014 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Stock of direct foreign investment - abroad country ranks ]

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.)