Economy of Vietnam
The economy of Vietnam is a developing mixed socialist-oriented market economy. It is the 35th-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.
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 |
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| Statistics | |
| Population | 101,678,753 (2022) |
| GDP |
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| GDP rank |
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GDP growth |
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GDP per capita |
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GDP per capita rank |
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GDP by sector |
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| 3.45% (Nov 2023) | |
Population below poverty line |
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| 35.7 medium (2018) | |
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Labour force |
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Labour force by occupation |
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| Unemployment |
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Average gross salary | ₫ 7,700,000 / $325 monthly (Q4 2022) |
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.) |
Export goods | Electronics, textiles products, machinery, footwear products, transportation products, wooden products, seafood products, steel, crude oil, pepper, rice and coffee |
Main export partners |
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| Imports | $ 358.9 billion (2022 est.) |
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 |
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FDI stock |
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| $5.401 billion (2017 est.) | |
Gross external debt | $96.58 billion (31 December 2017 est.) |
| Public finances | |
Government debt | 58.5% of GDP (2017 est.) |
| −6.7% (of GDP) (2017 est.) | |
| Revenues | 54.59 billion (2017 est.) |
| Expenses | 69.37 billion (2017 est.) |
| Economic aid | $2.174 billion (2016) |
Credit rating | Standard & Poor's: BB+ (domestic) BB+ (foreign) BB+ (T&C assessment) Outlook: stable Moody's: Ba2 Outlook: Stable Fitch: BB+ Outlook: stable |
| $105.2 billion (Sep 2021 est.) | |
All values, unless otherwise stated, are in US dollars. | |
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, while North Vietnam and reunified Vietnam relied on communist aid until the Soviet Union's dissolution.
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. Vietnam has also been named among the so-called Next Eleven and CIVETS countries.