Economy of Vietnam

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Economy of Vietnam

Ho Chi Minh City, the economic capital of Vietnam
Currency	Vietnamese đồng (VND; ₫)
Fiscal year	Calendar year
Trade organisations	AFTA, WTO, APEC, ASEAN, RCEP, CPTPP, FAO
Country group	Developing/Emerging[1] Lower-middle income country[2] Socialist-oriented market economy[3]
Statistics
Population	100,300,000 (2023)[4]
GDP	$468 billion (nominal; 2024)[5] $1.631 trillion (PPP; 2024)[5]
GDP rank	33rd (nominal; 2024) 26th (PPP; 2024)
GDP growth	8.0% (2022)[6] 5.0% (2023)[6] 6.1% (2024)[6]
GDP per capita	$4,649 (nominal; 2024)[5] $16,193 (PPP; 2024)[5]
GDP per capita rank	120th (nominal; 2024) 102nd (PPP; 2024)
GDP by sector	Agriculture: 12% Industry: 37.1% Services: 42.5% (2023 est.)[7]
Inflation (CPI)	3.45% (Nov 2023)[8]
Population below poverty line	0.5% (2022)[9] 0.1% on less than $3.20/day (2022)[10]
Gini coefficient	35.7 medium (2018)[11]
Human Development Index	0.726 high (2022)[12] (107th) 0.607 medium IHDI (83rd) (2022)[12]
Corruption Perceptions Index	41 out of 100 points (2023, 83rd rank)
Labour force	57,249,411 (2019)[13] 74.7% employment rate (2018)[14]
Labour force by occupation	Agriculture: 27.5% Industry: 33.4% Services: 39% (2022)[15]
Unemployment	3.3% (2020 est.)[8] 6.9% youth unemployment (15 to 24 year-olds; 2019)[16]
Average gross salary	₫ 7,600,000 / $300 monthly (Q1 2024)[17]
Main industries	Electronics, machinery, steel, food processing, wood industry, textile, footwear, vehicle, rice, coffee, cashews, seafood, vegetable and tourism
External
Exports	$371.3 billion (2022 est.)[18]
Export goods	Electronics, textiles products, machinery, footwear products, transportation products, wooden products, seafood products, steel, crude oil, pepper, rice and coffee
Main export partners	United States 29.4%  China 14.7%  South Korea 6.32%  Japan 6.26% (2022)[19]
Imports	$ 358.9 billion (2022 est.)[18]
Import goods	Machinery and industrial equipment, electronics, petroleum products, raw materials for the clothing and shoe industries, plastics, automobiles, metal, and chemical products
Main import partners	China 38.4%  South Korea 16.9% (2022)[20]
FDI stock	$129.5 billion (31 December 2017 est.)[21] Abroad: $19.75 billion (31 December 2015 est.)[21]
Current account	$5.401 billion (2017 est.)[21]
Gross external debt	$96.58 billion (31 December 2017 est.)[21]
Public finances
Government debt	37% of GDP (2023 est.)[22][note 1]
Budget balance	−6.7% (of GDP) (2017 est.)[21]
Revenues	54.59 billion (2017 est.)[21]
Expenses	69.37 billion (2017 est.)[21]
Economic aid	$2.174 billion (2016)
Credit rating	Standard & Poor's:[23] BB+ (domestic) BB+ (foreign) BB+ (T&C assessment) Outlook: stable[24] Moody's:[24] Ba2 Outlook: Stable Fitch:[24] BB+ Outlook: stable
Foreign reserves	$86.4 billion (Feb 2023 est.)[25]
All values, unless otherwise stated, are in US dollars.

The economy of Vietnam is a developing mixed socialist-oriented market economy.^[3] It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.

Since the mid-1980s, through the Đổi Mới reform period, Vietnam has made a shift from a highly centralized planned economy to a mixed economy. Before, South Vietnam was reliant on U.S. aid,^[26] while North Vietnam and reunified Vietnam relied on communist aid until the Soviet Union's dissolution.^[27]

The economy uses both directive and indicative planning through five-year plans, with support from an open market-based economy. Over that period, the economy has experienced rapid growth. In the 21st century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia.

According to a forecast by PricewaterhouseCoopers in February 2017,^{[needs update]} Vietnam may be the fastest-growing of the world's economies, with a potential annual GDP growth rate of about 5.1 percent, which would make its economy the 10th-largest in the world by 2050.^{[28][needs update]} Vietnam has also been named among the so-called Next Eleven and CIVETS countries.

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