Vietnam Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income socialist East Asian economy; rapid economic growth since Đổi Mới reforms; strong investment and productivity growth; tourism and manufacturing hub; TPP signatory; declining poverty aside from ethnic minorities; systemic corruption

Real GDP (purchasing power parity)

$1.036 trillion (2021 est.)

$1.01 trillion (2020 est.)

$981.903 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.56% (2021 est.)

2.87% (2020 est.)

7.36% (2019 est.)

Real GDP per capita

$10,600 (2021 est.)

$10,500 (2020 est.)

$10,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$259.957 billion (2019 est.)

Inflation rate (consumer prices)

1.83% (2021 est.)

3.22% (2020 est.)

2.8% (2019 est.)

Credit ratings

Fitch rating: BB (2018)

Moody's rating: Ba3 (2018)

Standard & Poors rating: BB (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 15.3% (2017 est.)

industry: 33.3% (2017 est.)

services: 51.3% (2017 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.)

Agricultural products

rice, vegetables, sugar cane, cassava, maize, pork, fruit, bananas, coffee, coconuts

Industries

food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones

Industrial production growth rate

3.58% (2021 est.)

Labor force

56.203 million (2021 est.)

Labor force - by occupation

agriculture: 40.3%

industry: 25.7%

services: 34% (2017)

Unemployment rate

2.17% (2021 est.)

2.39% (2020 est.)

2.04% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.2%

male: 7.1%

female: 7.5% (2021 est.)

Population below poverty line

6.7% (2018 est.)

Gini Index coefficient - distribution of family income

35.7 (2018 est.)

Average household expenditures

on food: 38.8% of household expenditures (2018 est.)

on alcohol and tobacco: 2.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%

highest 10%: 26.8% (2014)

Budget

revenues: $64.895 billion (2019 est.)

expenditures: $75.834 billion (2019 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

Taxes and other revenues

24.8% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$3.812 billion (2021 est.)

$15.06 billion (2020 est.)

$13.101 billion (2019 est.)

Exports

$339.984 billion (2021 est.) note: data are in current year dollars

$290.229 billion (2020 est.) note: data are in current year dollars

$280.826 billion (2019 est.)

Exports - partners

US 28%, China 17%, South Korea 6%, Japan 6%, Hong Kong 4% (2021)

Exports - commodities

broadcasting equipment, telephones, integrated circuits, office machinery, footwear, furniture (2021)

Imports

$338.021 billion (2021 est.) note: data are in current year dollars

$269.808 billion (2020 est.) note: data are in current year dollars

$261.683 billion (2019 est.)

Imports - partners

China 39%, South Korea 17%, Japan 5%, Taiwan 4%, Thailand 4% (2021)

Imports - commodities

integrated circuits, telephones, clothing and apparel, broadcasting accessories, refined petroleum, iron sheeting (2021)

Reserves of foreign exchange and gold

$109.371 billion (31 December 2021 est.)

$94.834 billion (31 December 2020 est.)

$78.335 billion (31 December 2019 est.)

Debt - external

$96.58 billion (31 December 2017 est.)

$84.34 billion (31 December 2016 est.)

Exchange rates

dong (VND) per US dollar -

23,159.783 (2021 est.)

23,208.368 (2020 est.)

23,050.242 (2019 est.)

22,602.05 (2018 est.)

22,370.087 (2017 est.)

NOTE: The information regarding Vietnam on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Vietnam 2023 information contained here. All suggestions for corrections of any errors about Vietnam 2023 should be addressed to the CIA or the source cited on each page.