Vietnam Economy - 2024

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.)

Unemployment rate

2.17% (2021 est.)
2.39% (2020 est.)
2.04% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.2% (2021 est.)

male: 7.1%

female: 7.5%

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)

Remittances

4.96% of GDP (2020 est.)
5.08% of GDP (2019 est.)
5.16% of GDP (2018 est.)

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 -

Exchange rates:
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.)