Economy of Vietnam
Ho Chi Minh City, the economic capital of Vietnam | |
| Currency | Vietnamese đồng (VND; ₫) |
|---|---|
| Calendar year | |
Trade organisations | AFTA, WTO, APEC, ASEAN, RCEP, CPTPP, FAO |
Country group |
|
| Statistics | |
| Population | 101,598,527 (2025)[4] |
| GDP | |
| GDP rank |
|
GDP growth | 7.09% (2024)[6]
5.8% (2025)[7] 4% (2026)[8] |
GDP per capita | |
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) | 3.45% (Nov 2023)[10] |
Population below poverty line |
|
| 36.1 medium (2022)[12] | |
Corruption Perceptions Index | 40 out of 100 points (2024, 88th rank) |
Labour force | |
Labour force by occupation |
|
| Unemployment | |
Average gross salary | ₫ 7,600,000 / $300 monthly (Q1 2024)[18] |
Main industries | Electronics, machinery, steel, food processing, wood industry, textile, footwear, vehicle, rice, coffee, cashews, seafood, vegetable and tourism |
| External | |
| Exports | $405.5 billion (2024)[19] |
Export goods | Electronics, textiles products, machinery, footwear products, transportation products, wooden products, seafood products, steel, crude oil, pepper, rice and coffee |
Main export partners |
|
| Imports | $380.8 billion (2024)[20] |
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 |
|
FDI stock | |
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] |
Foreign reserves | $86.4 billion (Feb 2023 est.)[23] |
| −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:[24] BB+ (domestic) BB+ (foreign) BB+ (T&C assessment) Outlook: stable[25] Moody's:[25] Ba2 Outlook: Stable Fitch:[25] BB+ Outlook: stable |
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 an upper-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, 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] Vietnam has also been named among the so-called Next Eleven and CIVETS countries.
- ^ "WEO Groups and Aggregates Information April 2020". World Economic and Financial Surveys World Economic Outlook Database. International Monetary Fund. Retrieved 6 May 2020.
- ^ "World Bank Country and Lending Groups". World Bank. Retrieved 10 October 2023.
- ^ a b Cling, Jean-Pierre; Razafindrakoto, Mireille; Roubaud, Francois (Spring 2013). "Is the World Bank compatible with the "Socialist-oriented market economy"?". Revue de la régulation: Capitalisme, institutions, pouvoirs. 13 (13). doi:10.4000/regulation.10081.
- ^ General Statistics Office of Vietnam (2023). Niên giám Thống kê Việt Nam năm 2022 [Statistical Yearbook of Vietnam 2022] (PDF). Statistical Publishing House (Vietnam). p. 103. Archived (PDF) from the original on 2023-07-10. Retrieved 2023-07-10.
- ^ a b c d . International Monetary Fund https://www.imf.org/external/datamapper/profile/VNM.
{{cite web}}: Missing or empty|title=(help) - ^ "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
- ^ "Vietnam's gross domestic product (GDP) growth is forecast to moderate to 5.8% in 2025 due to increased trade policy uncertainty, according to the World Bank (WB)'s latest East Asia and Pacific Economic Update". VneExpress International. April 15, 2025.
- ^ "In the long-term, the Vietnam GDP Annual Growth Rate is projected to trend around four percent in 2026". International Monetary Fund. April 2025.
- ^ "Vietnam". CIA World Factbook.
- ^ a b "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. Retrieved 2023-01-04.
- ^ "Poverty headcount ratio at $8.30 a day (2021 PPP) (% of population) - Vietnam". World Bank. Retrieved 13 August 2025.
- ^ "GINI index (World Bank estimate)". World Bank. Retrieved 21 March 2020.
- ^ a b "Human Development Report 2025". United Nations Development Programme. 6 June 2025.
- ^ "Labor force, total - Vietnam". World Bank. Retrieved 11 January 2020.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Vietnam". World Bank. Retrieved 11 January 2020.
- ^ General Statistics Office of Vietnam (2023). Niên giám Thống kê Việt Nam năm 2022 [Statistical Yearbook of Vietnam 2022] (PDF). Statistical Publishing House (Vietnam). pp. 99–100. Archived (PDF) from the original on 2023-07-10. Retrieved 2023-07-10.
- ^ "Unemployment, youth total (% of total labor force ages 15-24) (national estimate) - Vietnam". World Bank & ILO. Retrieved 7 July 2020.
- ^ "Report on Labor Force Survey Quarter 1 2024". Vietnam General Statistics Office. First Quarter 2024.
- ^ a b General Department of Vietnam Customs (2024). Statistics of Exports by Country/Territory (PDF). General Department of Vietnam Customs. Retrieved 25 February 2025.
- ^ a b General Department of Vietnam Customs (2024). Statistics of Imports by Country/Territory (PDF). General Department of Vietnam Customs. Retrieved 25 February 2025.
- ^ a b c d e f g "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 15 March 2019.
- ^ "Viet Nam's public debt falls to 37% in 2023". National Institute for Finance. 1 January 2024.
- ^ "Vietnam Foreign Exchange Reserves". CEIC. Retrieved 28 February 2020.
- ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 3 January 2013. Retrieved 18 February 2013.
- ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". Reuters. Archived from the original on 1 May 2013. Retrieved 28 September 2012.
- ^ Shriek, David K. (27 January 1974). "South Vietnam, a U. S. Subsidiary". The New York Times. ISSN 0362-4331. Retrieved 29 September 2023.
- ^ Prybyla, Jan S. (1966). "Soviet and Chinese Economic Aid to North Vietnam". The China Quarterly. 27. Cambridge University Press: 84–100. doi:10.1017/S0305741000021706.
- ^ "The World in 2050" (PDF). PricewaterhouseCoopers. February 2017. Retrieved 24 April 2017.
Cite error: There are <ref group=note> tags on this page, but the references will not show without a {{reflist|group=note}} template (see the help page).